Star Bulk Carriers (NASDAQ:SBLK) Reaches New 1-Year Low - What's Next?

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) reached a new 52-week low during trading on Wednesday . The company traded as low as $14.31 and last traded at $14.49, with a volume of 353088 shares changing hands. The stock had previously closed at $14.68.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SBLK. DNB Markets upgraded shares of Star Bulk Carriers from a "sell" rating to a "hold" rating and boosted their price target for the company from $19.30 to $20.20 in a report on Thursday, November 21st. Jefferies Financial Group reissued a "buy" rating and set a $28.00 target price on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Stifel Nicolaus cut Star Bulk Carriers from a "buy" rating to a "hold" rating and decreased their target price for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered Star Bulk Carriers from a "buy" rating to a "hold" rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $23.80.

Star Bulk Carriers Trading Down 0.2 %

The business's 50-day simple moving average is $16.03 and its 200-day simple moving average is $19.57. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The company has a market cap of $1.24 billion, a PE ratio of 5.00, a P/E/G ratio of 4.30 and a beta of 0.98.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Thursday, December 5th were given a dividend of $0.60 per share. The ex-dividend date was Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a yield of 16.21%. Star Bulk Carriers's payout ratio is 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

A number of hedge funds and other institutional investors have recently made changes to their positions in SBLK. Philosophy Capital Management LLC bought a new position in Star Bulk Carriers during the third quarter valued at approximately $24,842,000. Millennium Management LLC raised its holdings in shares of Star Bulk Carriers by 335.4% during the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company's stock valued at $29,774,000 after purchasing an additional 940,745 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Star Bulk Carriers by 101.8% in the 2nd quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company's stock valued at $43,675,000 after purchasing an additional 903,542 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Star Bulk Carriers in the third quarter worth $17,137,000. Finally, Barclays PLC increased its position in Star Bulk Carriers by 7,313.4% during the third quarter. Barclays PLC now owns 455,254 shares of the shipping company's stock worth $10,784,000 after buying an additional 449,113 shares during the last quarter. 33.91% of the stock is owned by hedge funds and other 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.