Star Bulk Carriers (NASDAQ:SBLK) Stock Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Star Bulk Carriers' share price surpassed its 200-day moving average of $17.13, reaching a high of $18.62 during trading.
• The stock has received several analyst upgrades, with Jefferies Financial Group maintaining a "buy" rating and setting a price target of $22.00.
• Star Bulk Carriers recently announced a quarterly dividend of $0.05 per share, representing an annual yield of 1.1% and a payout ratio of 19.05%.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.13 and traded as high as $18.62. Star Bulk Carriers shares last traded at $18.44, with a volume of 722,878 shares changing hands.

Analyst Upgrades and Downgrades

SBLK has been the topic of a number of research analyst reports. Weiss Ratings reissued a "hold (c-)" rating on shares of Star Bulk Carriers in a report on Saturday, September 27th. Zacks Research upgraded shares of Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Wall Street Zen upgraded shares of Star Bulk Carriers from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $22.00 price objective on shares of Star Bulk Carriers in a report on Thursday, August 7th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Star Bulk Carriers has a consensus rating of "Hold" and a consensus target price of $21.07.

Star Bulk Carriers Trading Up 0.2%

The company has a quick ratio of 1.42, a current ratio of 1.61 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $2.17 billion, a P/E ratio of 17.56 and a beta of 0.95. The firm's 50-day simple moving average is $19.00 and its 200 day simple moving average is $17.13.

Star Bulk Carriers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Thursday, August 28th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $0.20 annualized dividend and a yield of 1.1%. Star Bulk Carriers's dividend payout ratio is currently 19.05%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in shares of Star Bulk Carriers by 4.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 13,695 shares of the shipping company's stock worth $236,000 after acquiring an additional 616 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Star Bulk Carriers by 34.0% during the second quarter. Public Employees Retirement System of Ohio now owns 3,402 shares of the shipping company's stock valued at $59,000 after purchasing an additional 864 shares during the last quarter. Glenorchy Capital Ltd boosted its position in shares of Star Bulk Carriers by 4.7% in the 2nd quarter. Glenorchy Capital Ltd now owns 27,432 shares of the shipping company's stock valued at $473,000 after purchasing an additional 1,242 shares during the period. Tower Research Capital LLC TRC increased its stake in Star Bulk Carriers by 135.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,420 shares of the shipping company's stock worth $42,000 after purchasing an additional 1,391 shares in the last quarter. Finally, Sowell Financial Services LLC raised its holdings in Star Bulk Carriers by 2.4% during the 1st quarter. Sowell Financial Services LLC now owns 61,909 shares of the shipping company's stock worth $963,000 after buying an additional 1,466 shares during the period. 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.

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