Star Bulk Carriers (NASDAQ:SBLK) Rating Lowered to Sell at DNB Markets

DNB Markets cut shares of Star Bulk Carriers (NASDAQ:SBLK) from a hold rating to a sell rating in a research note issued to investors on Friday, Marketbeat.com reports.

Separately, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a report on Wednesday, September 4th. They set a buy rating and a $26.00 price target on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $29.33.

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK opened at $20.64 on Friday. The stock’s 50 day moving average price is $21.50 and its 200 day moving average price is $23.44. 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 market cap of $1.73 billion, a price-to-earnings ratio of 7.59 and a beta of 0.98. Star Bulk Carriers has a 12 month low of $17.91 and a 12 month high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK) last issued its quarterly 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 business had revenue of $352.88 million during the quarter, compared to the consensus estimate of $329.38 million. During the same quarter last year, the firm posted $0.47 earnings per share. Equities research analysts anticipate that Star Bulk Carriers will post 3.47 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. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 13.57%. The ex-dividend date was Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio (DPR) is 102.94%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SBLK. Russell Investments Group Ltd. lifted its stake 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 valued at $4,768,000 after buying an additional 25,106 shares during the period. Unison Advisors LLC bought a new stake in shares of Star Bulk Carriers during the second quarter valued at approximately $794,000. Artemis Investment Management LLP raised its stake in shares of Star Bulk Carriers by 112.7% in the first quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock valued at $18,915,000 after purchasing an additional 420,100 shares in the last quarter. Fifth Lane Capital LP bought a new position in Star Bulk Carriers in the first quarter worth $1,856,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Star Bulk Carriers during the first quarter worth $3,052,000. 33.91% of the stock is owned by 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.