Star Bulk Carriers (NASDAQ:SBLK) Hits New 12-Month Low – Time to Sell?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $18.92 and last traded at $18.97, with a volume of 3822098 shares. The stock had previously closed at $20.03.

Analysts Set New Price Targets

Several brokerages have weighed in on SBLK. Jefferies Financial Group reiterated a “buy” rating and issued a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target on the stock. Stifel Nicolaus cut Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their price objective for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their target price for the stock from $19.30 to $20.20 in a report on Thursday. Finally, StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.80.

Star Bulk Carriers Stock Down 0.4 %

The firm has a 50 day simple moving average of $20.77 and a two-hundred day simple moving average of $22.64. The stock has a market capitalization of $1.57 billion, a P/E ratio of 6.33 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 12.88%. The ex-dividend date of this dividend is Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

A number of hedge funds have recently made changes to their positions in the stock. Philosophy Capital Management LLC bought a new stake in Star Bulk Carriers during the 3rd quarter worth $24,842,000. Bank of New York Mellon Corp acquired a new stake in shares of Star Bulk Carriers during the second quarter valued at about $23,212,000. Millennium Management LLC grew its holdings in shares of Star Bulk Carriers by 335.4% during the second quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after purchasing an additional 940,745 shares during the last quarter. Marshall Wace LLP raised its holdings in Star Bulk Carriers by 101.8% in the 2nd quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after buying an additional 903,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Star Bulk Carriers in the 3rd quarter valued at approximately $17,137,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

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.