Star Bulk Carriers (NASDAQ:SBLK) Shares Gap Down to $23.69

Star Bulk Carriers Corp. (NASDAQ:SBLK) gapped down before the market opened on Tuesday . The stock had previously closed at $23.69, but opened at $23.05. Star Bulk Carriers shares last traded at $23.43, with a volume of 372,460 shares changing hands.

Wall Street Analysts Forecast Growth

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

Star Bulk Carriers Stock Down 0.8 %

The stock has a market capitalization of $1.97 billion, a P/E ratio of 10.59 and a beta of 0.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34. The stock has a fifty day moving average price of $21.57 and a 200 day moving average price of $23.58.

Star Bulk Carriers (NASDAQ:SBLK) last issued 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 during the quarter, compared to the consensus estimate of $329.38 million. During the same quarter in the prior year, the business earned $0.47 EPS. On average, research analysts forecast that Star Bulk Carriers Corp. will post 3.32 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 annualized dividend and a yield of 11.91%. Star Bulk Carriers’s dividend payout ratio is currently 126.13%.

Institutional Trading of Star Bulk Carriers

Several institutional investors and hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in shares of Star Bulk Carriers by 14.4% in the first 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 stake in shares of Star Bulk Carriers in the 2nd quarter valued at about $794,000. Marketfield Asset Management LLC raised its holdings in shares of Star Bulk Carriers by 42.9% in the 4th quarter. Marketfield Asset Management LLC now owns 172,145 shares of the shipping company’s stock valued at $3,660,000 after acquiring an additional 51,639 shares in the last quarter. Artemis Investment Management LLP boosted its position 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 valued at $18,915,000 after acquiring an additional 420,100 shares during the last quarter. Finally, Seven Eight Capital LP grew its holdings in shares of Star Bulk Carriers by 472.3% during the fourth quarter. Seven Eight Capital LP now owns 82,364 shares of the shipping company’s stock worth $1,751,000 after purchasing an additional 67,973 shares in the last quarter. 33.91% of the stock is currently owned by hedge funds and other 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.