Star Bulk Carriers (NASDAQ:SBLK) Reaches New 52-Week Low – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $14.19 and last traded at $14.26, with a volume of 1759269 shares traded. The stock had previously closed at $15.65.

Wall Street Analysts Forecast Growth

SBLK has been the topic of a number of analyst reports. StockNews.com cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Jefferies Financial Group lowered their price objective on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $22.05.

Star Bulk Carriers Stock Performance

The company has a market capitalization of $1.54 billion, a P/E ratio of 4.56 and a beta of 1.03. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.50 and a current ratio of 1.65. The business’s fifty day simple moving average is $15.73 and its 200-day simple moving average is $17.36.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Tuesday, February 18th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.08). Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. The company had revenue of $308.92 million during the quarter, compared to analysts’ expectations of $230.91 million. As a group, equities analysts anticipate that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend was Tuesday, March 4th. Star Bulk Carriers’s dividend payout ratio is currently 12.54%.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds have recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Star Bulk Carriers in the fourth quarter worth about $28,000. Parkside Financial Bank & Trust bought a new position in Star Bulk Carriers in the 4th quarter valued at $30,000. Capital Analysts LLC increased its stake in Star Bulk Carriers by 215.9% in the fourth quarter. Capital Analysts LLC now owns 2,284 shares of the shipping company’s stock worth $34,000 after purchasing an additional 1,561 shares during the period. Steward Partners Investment Advisory LLC lifted its position in shares of Star Bulk Carriers by 177.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,623 shares of the shipping company’s stock worth $39,000 after purchasing an additional 1,676 shares during the last quarter. Finally, Mountain Hill Investment Partners Corp. purchased a new stake in shares of Star Bulk Carriers in the fourth quarter valued at approximately $45,000. 33.91% of the stock is currently owned by institutional investors.

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.