Star Bulk Carriers (NASDAQ:SBLK) Trading Down 3.8% - Here's What Happened

Key Points

• Star Bulk Carriers' stock (NASDAQ:SBLK) declined by 3.8% to $18.76 during mid-day trading, significantly below the previous closing price of $19.50.
• Equities analysts have updated their ratings on SBLK, with Wall Street Zen and Zacks Research both moving from "sell" or "strong sell" to a "hold" rating, while Jefferies maintains a "buy" rating with a price target of $22.00.
• The company declared a quarterly dividend of $0.05 per share, translating to an annualized rate of $0.20 and a yield of 1.1%.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) dropped 3.8% during mid-day trading on Thursday . The company traded as low as $18.84 and last traded at $18.76. Approximately 366,042 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,656,732 shares. The stock had previously closed at $19.50.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SBLK shares. Wall Street Zen raised shares of Star Bulk Carriers from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research raised shares of Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $22.00 price target on shares of Star Bulk Carriers in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $21.07.

Star Bulk Carriers Stock Down 2.5%

The business's 50 day moving average price is $18.72 and its 200-day moving average price is $16.73. The firm has a market capitalization of $2.24 billion, a PE ratio of 18.11 and a beta of 0.97. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.42 and a current ratio of 1.61.

Star Bulk Carriers Dividend Announcement

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

Institutional Trading of Star Bulk Carriers

A number of large investors have recently bought and sold shares of SBLK. Alliancebernstein L.P. purchased a new position in shares of Star Bulk Carriers in the 2nd quarter valued at about $64,949,000. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Star Bulk Carriers in the second quarter worth approximately $57,227,000. Amundi raised its holdings in Star Bulk Carriers by 59.1% in the first quarter. Amundi now owns 1,868,249 shares of the shipping company's stock valued at $26,548,000 after buying an additional 693,683 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Star Bulk Carriers in the first quarter valued at approximately $10,734,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Star Bulk Carriers by 59.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,298,436 shares of the shipping company's stock valued at $20,204,000 after purchasing an additional 485,436 shares during the period. Institutional investors and hedge funds 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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