Star Bulk Carriers (NASDAQ:SBLK) Given “Buy” Rating at Jefferies Financial Group

Jefferies Financial Group restated their buy rating on shares of Star Bulk Carriers (NASDAQ:SBLK) in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a $28.00 price objective on the shipping company’s stock.

Other equities research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft started coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target for the company. Stifel Nicolaus downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and cut their price objective for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. DNB Markets downgraded shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Finally, StockNews.com cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

Star Bulk Carriers Stock Down 0.4 %

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 business has a 50 day moving average price of $20.72 and a two-hundred day moving average price of $22.59. The company has a quick ratio of 1.34, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. The company has a market cap of $1.57 billion, a PE ratio of 6.29 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The business 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 of this dividend is Thursday, December 5th. This represents a $2.40 annualized dividend and a dividend yield of 12.88%. Star Bulk Carriers’s payout ratio is currently 94.59%.

Hedge Funds Weigh In On Star Bulk Carriers

A number of large investors have recently made changes to their positions in the stock. Philosophy Capital Management LLC acquired a new position in Star Bulk Carriers during the third quarter worth $24,842,000. Bank of New York Mellon Corp acquired a new position in shares of Star Bulk Carriers during the 2nd quarter worth $23,212,000. Millennium Management LLC boosted its position in shares of Star Bulk Carriers by 335.4% in the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after buying an additional 940,745 shares in the last quarter. Marshall Wace LLP grew its stake 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 acquiring an additional 903,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Star Bulk Carriers in the 3rd quarter valued at about $17,137,000. 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.