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

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $14.37 and last traded at $14.59, with a volume of 327249 shares traded. The stock had previously closed at $14.82.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SBLK shares. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price objective for the company from $19.30 to $20.20 in a research note on Thursday, November 21st. Jefferies Financial Group reissued a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a report on Wednesday, November 20th. Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Friday, December 20th. Two investment 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.com, Star Bulk Carriers presently has an average rating of “Moderate Buy” and an average price target of $23.80.

Star Bulk Carriers Price Performance

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 $1.22 billion, a PE ratio of 4.92, a PEG ratio of 3.95 and a beta of 0.98. The business has a fifty day moving average price of $17.18 and a 200-day moving average price of $20.32.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 16.48%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 81.08%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SBLK. Blue Trust Inc. boosted its holdings in Star Bulk Carriers by 190.5% during the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after acquiring an additional 1,328 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Star Bulk Carriers in the second quarter valued at approximately $54,000. Quarry LP boosted its stake in shares of Star Bulk Carriers by 39.8% during the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 673 shares during the period. Sunbelt Securities Inc. bought a new position in shares of Star Bulk Carriers in the third quarter worth approximately $57,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Star Bulk Carriers in the second quarter worth $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.