Star Bulk Carriers (NASDAQ:SBLK) Upgraded at StockNews.com

StockNews.com upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a hold rating to a buy rating in a research note released on Wednesday.

SBLK has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective on the stock. DNB Markets downgraded shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Jefferies Financial Group restated a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a report on Wednesday. Finally, Stifel Nicolaus cut shares of 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 note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.80.

Star Bulk Carriers Trading Down 0.4 %

NASDAQ:SBLK opened at $18.63 on Wednesday. Star Bulk Carriers has a 52 week low of $18.52 and a 52 week high of $27.47. The firm has a 50-day moving average price of $20.77 and a two-hundred day moving average price of $22.64. 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 $1.57 billion, a price-to-earnings ratio of 6.33 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 12.88%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP raised its position in shares of Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 673 shares during the period. Ritholtz Wealth Management raised its holdings in Star Bulk Carriers by 2.8% during the 3rd quarter. Ritholtz Wealth Management now owns 32,630 shares of the shipping company’s stock valued at $773,000 after acquiring an additional 890 shares during the period. Mitchell Mcleod Pugh & Williams Inc. boosted its holdings in shares of Star Bulk Carriers by 8.5% in the second quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 16,640 shares of the shipping company’s stock worth $406,000 after acquiring an additional 1,310 shares during the period. Nisa Investment Advisors LLC bought a new position in shares of Star Bulk Carriers in the second quarter worth $32,000. Finally, Blue Trust Inc. grew its position in shares of Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after purchasing an additional 1,328 shares in the last quarter. 33.91% of the stock is owned by hedge funds and other institutional investors.

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.