Star Bulk Carriers (NASDAQ:SBLK) Hits New 12-Month Low - Here's What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $14.37 and last traded at $14.59, with a volume of 327249 shares changing hands. The stock had previously closed at $14.82.

Analyst Ratings Changes

Several research analysts have weighed in on SBLK shares. Stifel Nicolaus cut Star Bulk Carriers from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. DNB Markets raised shares of Star Bulk Carriers from a "sell" rating to a "hold" rating and raised their price target for the stock from $19.30 to $20.20 in a research report on Thursday, November 21st. StockNews.com upgraded shares of Star Bulk Carriers from a "hold" rating to a "buy" rating in a research note on Friday, December 20th. Finally, Jefferies Financial Group restated a "buy" rating and set a $28.00 target price on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Star Bulk Carriers presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.80.

Star Bulk Carriers Stock Performance

The stock has a 50 day moving average of $17.18 and a 200 day moving average of $20.32. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 5.02, a P/E/G ratio of 3.95 and a beta of 0.98.

Star Bulk Carriers Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 16.15%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers's dividend payout ratio (DPR) is presently 81.08%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in shares of Star Bulk Carriers by 190.5% in the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company's stock valued at $49,000 after purchasing an additional 1,328 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Star Bulk Carriers in the second quarter valued at about $54,000. Quarry LP grew its position in Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company's stock valued at $56,000 after acquiring an additional 673 shares during the last quarter. Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers during the third quarter worth about $57,000. Finally, Point72 DIFC Ltd bought a new position in shares of Star Bulk Carriers in the second quarter worth about $72,000. 33.91% of the stock is owned by institutional investors.

Star Bulk Carriers Company Profile

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.