Star Bulk Carriers (NASDAQ:SBLK) Hits New 52-Week Low – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK) shares hit a new 52-week low on Monday . The company traded as low as $14.56 and last traded at $14.59, with a volume of 1465276 shares. The stock had previously closed at $14.85.

Wall Street Analyst Weigh In

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

Star Bulk Carriers Price Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.69. The company has a market capitalization of $1.23 billion, a PE ratio of 4.95, a P/E/G ratio of 3.95 and a beta of 0.96. The stock has a 50 day moving average price of $17.81 and a two-hundred day moving average price of $20.77.

Star Bulk Carriers Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th were issued a dividend of $0.60 per share. The ex-dividend date was Thursday, December 5th. This represents a $2.40 annualized dividend and a yield of 16.37%. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. acquired a new stake in shares of Star Bulk Carriers in the third quarter worth $57,000. Geode Capital Management LLC lifted its position in Star Bulk Carriers by 359.3% during the 3rd quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock worth $10,833,000 after acquiring an additional 357,720 shares during the last quarter. Barclays PLC grew its position in shares of Star Bulk Carriers by 7,313.4% in the third quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock valued at $10,784,000 after purchasing an additional 449,113 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Star Bulk Carriers in the third quarter worth about $1,731,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Star Bulk Carriers during the 3rd quarter worth about $648,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

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.