Star Bulk Carriers (NASDAQ:SBLK) Shares Down 4.7% - Here's What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) was down 4.7% during trading on Friday . The company traded as low as $15.67 and last traded at $15.70. Approximately 2,271,203 shares changed hands during trading, an increase of 39% from the average daily volume of 1,635,948 shares. The stock had previously closed at $16.48.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SBLK. Deutsche Bank Aktiengesellschaft began coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They issued a "buy" rating and a $26.00 price target on the stock. Stifel Nicolaus cut shares of Star Bulk Carriers from a "buy" rating to a "hold" rating and decreased their target price for the company 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 increased their price target for the company from $19.30 to $20.20 in a report on Thursday, November 21st. StockNews.com raised Star Bulk Carriers from a "hold" rating to a "buy" rating in a research note on Wednesday. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.80.

Star Bulk Carriers Stock Down 3.0 %

The company's 50 day moving average is $19.75 and its 200 day moving average is $21.97. The company has a market cap of $1.34 billion, a PE ratio of 5.40, a P/E/G ratio of 4.39 and a beta of 0.96. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.40 annualized dividend and a yield of 15.02%. Star Bulk Carriers's dividend payout ratio (DPR) is currently 94.59%.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently made changes to their positions in the company. Unison Advisors LLC purchased a new stake in Star Bulk Carriers in the second quarter worth about $794,000. Autumn Glory Partners LLC purchased a new stake in shares of Star Bulk Carriers in the 3rd quarter worth approximately $649,000. Benson Investment Management Company Inc. purchased a new stake in shares of Star Bulk Carriers in the 3rd quarter worth approximately $5,259,000. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group boosted its stake in shares of Star Bulk Carriers by 34.1% during the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 295,000 shares of the shipping company's stock valued at $7,192,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Navellier & Associates Inc. purchased a new position in Star Bulk Carriers during the third quarter valued at approximately $892,000. Institutional investors own 33.91% of the company's stock.

About Star Bulk Carriers

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.