Star Bulk Carriers (NASDAQ:SBLK) Stock Price Up 0.9%

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) were up 0.9% during trading on Monday . The company traded as high as $21.90 and last traded at $21.79. Approximately 337,266 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,593,089 shares. The stock had previously closed at $21.59.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft began coverage on shares of Star Bulk Carriers in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective for the company.

Star Bulk Carriers Stock Up 0.6 %

The firm has a 50 day moving average of $21.69 and a two-hundred day moving average of $23.63. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 9.82 and a beta of 0.97. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Wednesday, August 7th. The shipping company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). Star Bulk Carriers had a return on equity of 13.58% and a net margin of 24.05%. The company had revenue of $352.88 million for the quarter, compared to analyst estimates of $329.38 million. During the same period in the previous year, the firm posted $0.47 earnings per share. As a group, sell-side analysts anticipate that Star Bulk Carriers Corp. will post 3.32 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 12.89%. The ex-dividend date of this dividend was Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 126.13%.

Institutional Trading of Star Bulk Carriers

A number of institutional investors and hedge funds have recently modified their holdings of SBLK. Russell Investments Group Ltd. raised its holdings in shares of Star Bulk Carriers by 14.4% in the 1st quarter. Russell Investments Group Ltd. now owns 199,760 shares of the shipping company’s stock worth $4,768,000 after purchasing an additional 25,106 shares during the period. Unison Advisors LLC purchased a new position in shares of Star Bulk Carriers during the 2nd quarter valued at $794,000. Marketfield Asset Management LLC lifted its position in shares of Star Bulk Carriers by 42.9% during the 4th quarter. Marketfield Asset Management LLC now owns 172,145 shares of the shipping company’s stock valued at $3,660,000 after buying an additional 51,639 shares during the last quarter. Artemis Investment Management LLP grew its stake in shares of Star Bulk Carriers by 112.7% during the 1st quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock worth $18,915,000 after acquiring an additional 420,100 shares during the period. Finally, Seven Eight Capital LP increased its holdings in Star Bulk Carriers by 472.3% in the 4th quarter. Seven Eight Capital LP now owns 82,364 shares of the shipping company’s stock worth $1,751,000 after acquiring an additional 67,973 shares during the last quarter. 33.91% of the stock is owned by hedge funds and other institutional investors.

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.