Star Bulk Carriers (NASDAQ:SBLK) Upgraded at DNB Markets

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

Other research analysts also recently issued reports about the stock. Stifel Nicolaus downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and lowered their price objective for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective for the company. Finally, Jefferies Financial Group restated a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.80.

Star Bulk Carriers Stock Down 0.4 %

NASDAQ SBLK opened at $18.63 on Thursday. The company has a current ratio of 1.69, a quick ratio of 1.34 and a debt-to-equity ratio of 0.44. Star Bulk Carriers has a 1-year low of $18.52 and a 1-year high of $27.47. The company has a 50 day moving average of $20.72 and a 200-day moving average of $22.59. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 6.29 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, December 5th. This represents a $2.40 annualized dividend and a dividend yield of 12.88%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 94.59%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Sunbelt Securities Inc. bought a new stake in shares of Star Bulk Carriers in the third quarter worth $57,000. Geode Capital Management LLC grew its stake in shares of Star Bulk Carriers by 359.3% in the third quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock worth $10,833,000 after purchasing an additional 357,720 shares during the last quarter. Barclays PLC grew its stake in shares of Star Bulk Carriers by 7,313.4% in the third quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock worth $10,784,000 after purchasing an additional 449,113 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Star Bulk Carriers in the third quarter worth $1,731,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Star Bulk Carriers in the third quarter worth $648,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

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.