Star Bulk Carriers Target of Unusually High Options Trading (NASDAQ:SBLK)

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the target of unusually large options trading activity on Wednesday. Stock traders purchased 6,785 call options on the company. This represents an increase of 242% compared to the average daily volume of 1,982 call options.

Wall Street Analysts Forecast Growth

SBLK has been the subject of a number of research reports. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their price target for the company from $19.30 to $20.20 in a research note on Thursday, November 21st. Stifel Nicolaus downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their target price for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and set a $28.00 price target on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Finally, StockNews.com downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Star Bulk Carriers presently has an average rating of “Hold” and an average target price of $23.80.

Institutional Investors Weigh In On Star Bulk Carriers

Large investors have recently modified their holdings of the company. Quarry LP lifted its holdings in shares of 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. Commonwealth Equity Services LLC increased its holdings in Star Bulk Carriers by 4.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 18,422 shares of the shipping company’s stock worth $275,000 after purchasing an additional 826 shares in the last quarter. Ritholtz Wealth Management raised its stake in shares of Star Bulk Carriers by 2.8% in the third quarter. Ritholtz Wealth Management now owns 32,630 shares of the shipping company’s stock worth $773,000 after purchasing an additional 890 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Star Bulk Carriers by 51.3% in the fourth quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 1,038 shares in the last quarter. Finally, Sigma Planning Corp boosted its position in shares of Star Bulk Carriers by 4.9% during the fourth quarter. Sigma Planning Corp now owns 22,482 shares of the shipping company’s stock valued at $336,000 after buying an additional 1,060 shares during the last quarter. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Star Bulk Carriers Stock Up 0.6 %

Shares of NASDAQ:SBLK opened at $15.72 on Thursday. The business has a fifty day simple moving average of $15.20 and a 200 day simple moving average of $18.74. Star Bulk Carriers has a 12-month low of $14.30 and a 12-month high of $27.47. The firm has a market cap of $1.32 billion, a P/E ratio of 5.31 and a beta of 0.95. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Thursday, December 5th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 15.27%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is currently 81.08%.

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.