Star Bulk Carriers (NASDAQ:SBLK) Rating Increased to Hold at DNB Markets

DNB Markets upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a sell rating to a hold rating in a report released on Thursday morning, MarketBeat reports. They currently have $20.20 price objective on the shipping company’s stock, up from their prior price objective of $19.30.

Other equities research analysts also recently issued reports about the company. StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft assumed coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. Jefferies Financial Group reiterated a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Finally, Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price objective for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

Star Bulk Carriers Stock Down 0.4 %

Shares of Star Bulk Carriers stock opened at $18.63 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.69 and a quick ratio of 1.34. Star Bulk Carriers has a 1-year low of $18.52 and a 1-year high of $27.47. The business’s fifty day moving average price is $20.72 and its two-hundred day moving average price is $22.57. The company has a market capitalization of $1.57 billion, a P/E ratio of 6.29 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a yield of 12.88%. Star Bulk Carriers’s dividend payout ratio is currently 94.59%.

Institutional Trading of Star Bulk Carriers

Hedge funds have recently bought and sold shares of the company. Sunbelt Securities Inc. purchased a new position in shares of Star Bulk Carriers in the third quarter worth approximately $57,000. Geode Capital Management LLC boosted its stake in Star Bulk Carriers by 359.3% in the 3rd quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock worth $10,833,000 after purchasing an additional 357,720 shares during the period. Barclays PLC grew its position in Star Bulk Carriers by 7,313.4% during the 3rd quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock worth $10,784,000 after purchasing an additional 449,113 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Star Bulk Carriers during the 3rd quarter valued at $1,731,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Star Bulk Carriers in the third quarter valued at $648,000. 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.