Star Bulk Carriers (NASDAQ:SBLK) Hits New 12-Month Low – Time to Sell?

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) hit a new 52-week low on Wednesday . The stock traded as low as $18.92 and last traded at $18.97, with a volume of 3822098 shares trading hands. The stock had previously closed at $20.03.

Analysts Set New Price Targets

SBLK has been the topic of a number of recent research reports. Stifel Nicolaus lowered Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their target price for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a report on Wednesday. DNB Markets lowered Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday, October 11th. StockNews.com lowered Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Star Bulk Carriers has an average rating of “Hold” and a consensus target price of $25.00.

Star Bulk Carriers Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34. The company has a 50-day moving average price of $20.83 and a 200-day moving average price of $22.69. The firm has a market capitalization of $1.59 billion, a PE ratio of 7.36 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be paid 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 yield of 12.65%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 102.94%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Philosophy Capital Management LLC bought a new stake in shares of Star Bulk Carriers in the 3rd quarter worth approximately $24,842,000. Bank of New York Mellon Corp bought a new stake in shares of Star Bulk Carriers in the 2nd quarter worth approximately $23,212,000. Millennium Management LLC lifted its holdings 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 purchasing an additional 940,745 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of 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 worth $43,675,000 after purchasing an additional 903,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Star Bulk Carriers in the 3rd quarter worth approximately $17,137,000. Institutional investors own 33.91% of the company’s stock.

About Star Bulk Carriers

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.