Star Bulk Carriers (NASDAQ:SBLK) Shares Down 2.3% – What’s Next?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price traded down 2.3% on Tuesday . The company traded as low as $20.01 and last traded at $20.17. 593,355 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 1,589,582 shares. The stock had previously closed at $20.64.

Wall Street Analysts Forecast Growth

SBLK has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target for the company. DNB Markets lowered shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.33.

Star Bulk Carriers Stock Down 3.5 %

The firm has a 50-day simple moving average of $21.50 and a 200 day simple moving average of $23.44. The company has a market capitalization of $1.67 billion, a PE ratio of 7.42 and a beta of 0.98. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The firm had revenue of $352.88 million for the quarter, compared to analysts’ expectations of $329.38 million. Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. During the same quarter in the prior year, the business earned $0.47 EPS. On average, research analysts predict that Star Bulk Carriers Corp. will post 3.47 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 annualized dividend and a dividend yield of 14.06%. Star Bulk Carriers’s dividend payout ratio is presently 102.94%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SBLK. Bank of New York Mellon Corp acquired a new position in shares of Star Bulk Carriers in the 2nd quarter valued at approximately $23,212,000. Millennium Management LLC raised its holdings in 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 valued at $29,774,000 after acquiring an additional 940,745 shares in the last quarter. Marshall Wace LLP boosted its stake 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 last quarter. American Century Companies Inc. acquired a new position in Star Bulk Carriers during the 2nd quarter worth $11,719,000. Finally, Encompass Capital Advisors LLC increased its position in shares of Star Bulk Carriers by 27.5% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock worth $50,034,000 after purchasing an additional 442,860 shares during the last quarter. Institutional investors and hedge funds 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.