Star Bulk Carriers (NASDAQ:SBLK) Shares Down 0.8%

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price dropped 0.8% during mid-day trading on Tuesday . The stock traded as low as $23.05 and last traded at $23.51. Approximately 721,329 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 1,601,137 shares. The stock had previously closed at $23.69.

Analyst Ratings Changes

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

Star Bulk Carriers Stock Down 0.5 %

The business’s fifty day simple moving average is $21.57 and its 200 day simple moving average is $23.58. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 10.60 and a beta of 0.97. The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 0.48.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates 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 last year, the firm earned $0.47 earnings per share. Equities analysts forecast that Star Bulk Carriers Corp. will post 3.32 earnings per share 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 given a $0.70 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 11.87%. Star Bulk Carriers’s dividend payout ratio is 126.13%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SBLK. Point72 DIFC Ltd bought a new position in shares of Star Bulk Carriers during the second quarter worth $72,000. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group lifted its holdings in Star Bulk Carriers by 34.1% during the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 295,000 shares of the shipping company’s stock worth $7,192,000 after acquiring an additional 75,000 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Star Bulk Carriers during the second quarter worth about $754,000. Gordian Capital Singapore Pte Ltd acquired a new position in Star Bulk Carriers in the second quarter valued at about $1,585,000. Finally, Point72 Asset Management L.P. increased its holdings in shares of Star Bulk Carriers by 154.4% in the second quarter. Point72 Asset Management L.P. now owns 35,113 shares of the shipping company’s stock worth $856,000 after acquiring an additional 21,313 shares in 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.