Star Bulk Carriers (NASDAQ:SBLK) Sets New 52-Week Low – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $18.43 and last traded at $18.48, with a volume of 200989 shares traded. The stock had previously closed at $18.65.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Wednesday, November 20th. Stifel Nicolaus lowered Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their target price for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and upped their price target for the stock from $19.30 to $20.20 in a report on Thursday, November 21st. Finally, Jefferies Financial Group restated a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.80.

Star Bulk Carriers Stock Down 2.7 %

The stock’s 50-day moving average price is $20.54 and its two-hundred day moving average price is $22.40. 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 stock has a market capitalization of $1.47 billion, a P/E ratio of 5.93, a P/E/G ratio of 4.86 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 13.68%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is currently 94.59%.

Institutional Investors Weigh In On Star Bulk Carriers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC lifted its stake in shares of Star Bulk Carriers by 27.5% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock valued at $50,034,000 after buying an additional 442,860 shares in the last quarter. Marshall Wace LLP raised its holdings in Star Bulk Carriers by 101.8% during the 2nd quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after acquiring an additional 903,542 shares during the period. Renaissance Technologies LLC lifted its position in shares of Star Bulk Carriers by 25.9% during the second quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock worth $42,569,000 after acquiring an additional 358,870 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Star Bulk Carriers by 335.4% in the second quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after acquiring an additional 940,745 shares during the period. Finally, Philosophy Capital Management LLC purchased a new position in shares of Star Bulk Carriers in the third quarter valued at $24,842,000. 33.91% of the stock is currently 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.