Star Bulk Carriers (NASDAQ:SBLK) Reaches New 12-Month Low – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK) reached a new 52-week low during trading on Thursday . The company traded as low as $14.19 and last traded at $14.26, with a volume of 1759269 shares. The stock had previously closed at $15.65.

Wall Street Analyst Weigh In

SBLK has been the subject of several recent analyst reports. Jefferies Financial Group lowered their price target on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. StockNews.com cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.05.

Star Bulk Carriers Price Performance

The company has a quick ratio of 1.50, a current ratio of 1.65 and a debt-to-equity ratio of 0.42. The firm’s fifty day moving average price is $15.73 and its two-hundred day moving average price is $17.36. The stock has a market capitalization of $1.54 billion, a PE ratio of 4.56 and a beta of 1.03.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.08). Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. The firm had revenue of $308.92 million during the quarter, compared to analysts’ expectations of $230.91 million. On average, equities analysts predict that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 2.75%. The ex-dividend date was Tuesday, March 4th. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 12.54%.

Institutional Trading of Star Bulk Carriers

Several large investors have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Star Bulk Carriers by 229.6% during the 3rd quarter. FMR LLC now owns 404,196 shares of the shipping company’s stock worth $9,575,000 after acquiring an additional 281,552 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Star Bulk Carriers during the third quarter valued at $17,137,000. Quarry LP grew its holdings in 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. Stifel Financial Corp increased its position in Star Bulk Carriers by 152.2% in the third quarter. Stifel Financial Corp now owns 685,053 shares of the shipping company’s stock worth $16,229,000 after buying an additional 413,423 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Star Bulk Carriers in the third quarter worth about $648,000. 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.