Star Bulk Carriers (NASDAQ:SBLK) Upgraded to “Hold” at DNB Markets

DNB Markets upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a sell rating to a hold rating in a research note issued to investors on Thursday, MarketBeat reports. The brokerage currently has $20.20 price target on the shipping company’s stock, up from their prior price target of $19.30.

A number of other brokerages have also recently issued reports on SBLK. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 target price on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a report on Wednesday. StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and lowered their price target for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $23.80.

Star Bulk Carriers Stock Performance

Shares of SBLK stock traded up $0.05 on Thursday, reaching $18.76. The stock had a trading volume of 459,023 shares, compared to its average volume of 1,597,282. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average is $20.77 and its two-hundred day moving average is $22.64. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 6.33 and a beta of 1.00. Star Bulk Carriers has a 12 month low of $18.52 and a 12 month high of $27.47.

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 given a dividend of $0.60 per share. The ex-dividend date is Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 12.79%. Star Bulk Carriers’s payout ratio is presently 81.08%.

Institutional Trading of Star Bulk Carriers

A number of hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC bought a new position in shares of Star Bulk Carriers during the second quarter valued at $32,000. Blue Trust Inc. raised its stake in Star Bulk Carriers by 190.5% during the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock worth $49,000 after buying an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Star Bulk Carriers in the second quarter valued at $54,000. Quarry LP increased its stake in 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 in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in Star Bulk Carriers in the third quarter valued at $57,000. Institutional investors and hedge funds 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.