Star Bulk Carriers (NASDAQ:SBLK) Reaches New 1-Year Low – Should You Sell?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price reached a new 52-week low on Wednesday . The company traded as low as $14.37 and last traded at $14.59, with a volume of 327249 shares. The stock had previously closed at $14.82.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SBLK shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Stifel Nicolaus downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their target price for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Friday, December 20th. Finally, DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and upped their price objective for the stock from $19.30 to $20.20 in a report on Thursday, November 21st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Star Bulk Carriers presently has an average rating of “Moderate Buy” and an average target price of $23.80.

Star Bulk Carriers Stock Down 1.8 %

The company has a 50-day moving average of $17.18 and a two-hundred day moving average of $20.32. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $1.22 billion, a P/E ratio of 4.92, a price-to-earnings-growth ratio of 3.95 and a beta of 0.98.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 16.48%. The ex-dividend date of this dividend was Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

Institutional Inflows and Outflows

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