Star Bulk Carriers (NASDAQ:SBLK) Shares Up 3.2%

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price shot up 3.2% during trading on Tuesday . The company traded as high as $22.59 and last traded at $22.35. 596,306 shares changed hands during trading, a decline of 63% from the average session volume of 1,593,400 shares. The stock had previously closed at $21.66.

Analysts Set New Price Targets

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

Star Bulk Carriers Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.34 and a current ratio of 1.51. The company has a market capitalization of $1.90 billion, a P/E ratio of 10.07 and a beta of 0.97. The business has a 50 day moving average of $21.64 and a 200-day moving average of $23.61.

Star Bulk Carriers (NASDAQ:SBLK) last released 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). Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. The company had revenue of $352.88 million for the quarter, compared to the consensus estimate of $329.38 million. During the same quarter in the previous year, the firm posted $0.47 earnings per share. On average, sell-side analysts predict that Star Bulk Carriers Corp. will post 3.32 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 12.35%. The ex-dividend date was Tuesday, August 27th. Star Bulk Carriers’s payout ratio is currently 126.13%.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its holdings in Star Bulk Carriers by 1.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 71,144 shares of the shipping company’s stock valued at $1,698,000 after acquiring an additional 990 shares during the period. FinTrust Capital Advisors LLC raised its position in Star Bulk Carriers by 100.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the last quarter. Gilman Hill Asset Management LLC raised its position in Star Bulk Carriers by 0.3% during the 1st quarter. Gilman Hill Asset Management LLC now owns 404,110 shares of the shipping company’s stock valued at $9,646,000 after purchasing an additional 1,046 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. raised its position in Star Bulk Carriers by 8.5% during the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 16,640 shares of the shipping company’s stock valued at $406,000 after purchasing an additional 1,310 shares during the last quarter. Finally, Nisa Investment Advisors LLC bought a new position in Star Bulk Carriers during the 2nd quarter valued at approximately $32,000. 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.