Star Bulk Carriers (NASDAQ:SBLK) Shares Gap Down – What’s Next?

Star Bulk Carriers Corp. (NASDAQ:SBLK) shares gapped down before the market opened on Wednesday . The stock had previously closed at $18.03, but opened at $17.53. Star Bulk Carriers shares last traded at $17.53, with a volume of 577,516 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Stifel Nicolaus downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their target price for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their target price for the company from $19.30 to $20.20 in a research note on Thursday, November 21st. StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft assumed coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective on the stock. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.80.

Star Bulk Carriers Trading Down 3.1 %

The stock has a market cap of $1.47 billion, a P/E ratio of 6.09, a P/E/G ratio of 4.86 and a beta of 1.00. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The company has a 50-day moving average price of $20.61 and a two-hundred day moving average price of $22.44.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 13.74%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is 94.59%.

Institutional Investors Weigh In On Star Bulk Carriers

Several hedge funds have recently made changes to their positions in the company. Sunbelt Securities Inc. purchased a new stake in shares of Star Bulk Carriers in the 3rd quarter worth $57,000. Geode Capital Management LLC lifted its holdings in shares of Star Bulk Carriers by 359.3% in the 3rd quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock worth $10,833,000 after buying an additional 357,720 shares during the period. Barclays PLC lifted its stake in shares of Star Bulk Carriers by 7,313.4% during the 3rd 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 purchased a new stake in shares of Star Bulk Carriers during the 3rd quarter worth $1,731,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Star Bulk Carriers during the 3rd quarter worth $648,000. 33.91% of the stock is currently owned by hedge funds and other 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.