Star Bulk Carriers (NASDAQ:SBLK) Upgraded by DNB Markets to “Hold” Rating

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

SBLK has been the topic of several other research reports. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and lowered their price target for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target for the company. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Stock Performance

SBLK stock traded up $0.05 during mid-day trading on Thursday, hitting $18.76. The company had a trading volume of 459,023 shares, compared to its average volume of 1,597,282. The stock’s fifty day moving average price is $20.77 and its two-hundred day moving average price is $22.64. Star Bulk Carriers has a 12 month low of $18.52 and a 12 month high of $27.47. 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 firm has a market cap of $1.58 billion, a PE ratio of 6.33 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.40 annualized dividend and a yield of 12.79%. Star Bulk Carriers’s payout ratio is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Several institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC bought a new position in Star Bulk Carriers in the 2nd quarter worth $32,000. Blue Trust Inc. raised its holdings in Star Bulk Carriers by 190.5% in the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock worth $49,000 after purchasing an additional 1,328 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Star Bulk Carriers in the 2nd quarter worth $54,000. Quarry LP raised its holdings in Star Bulk Carriers by 39.8% in the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after purchasing an additional 673 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new position in Star Bulk Carriers in the 3rd quarter worth $57,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

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.