Star Bulk Carriers (NASDAQ:SBLK) Reaches New 12-Month High – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $20.10 and last traded at $20.0850, with a volume of 408070 shares trading hands. The stock had previously closed at $19.90.

Analyst Ratings Changes

SBLK has been the subject of a number of research analyst reports. Zacks Research upgraded Star Bulk Carriers from a “strong sell” rating to a “hold” rating in a report on Friday, August 15th. Jefferies Financial Group reiterated a “buy” rating and issued a $22.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 19th. Weiss Ratings reissued a “hold (c-)” rating on shares of Star Bulk Carriers in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $22.00.

Star Bulk Carriers Trading Up 0.5%

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 company has a market capitalization of $2.35 billion, a P/E ratio of 19.05 and a beta of 0.92. The firm’s 50-day moving average price is $18.53 and its 200 day moving average price is $18.18.

Star Bulk Carriers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Friday, December 5th will be issued a $0.11 dividend. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.05. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, December 5th. Star Bulk Carriers’s dividend payout ratio is 84.62%.

Hedge Funds Weigh In On Star Bulk Carriers

Several large investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its position in shares of Star Bulk Carriers by 4.7% in the second quarter. BNP Paribas Financial Markets now owns 13,695 shares of the shipping company’s stock valued at $236,000 after buying an additional 616 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Star Bulk Carriers by 20.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,114 shares of the shipping company’s stock worth $76,000 after acquiring an additional 712 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Star Bulk Carriers by 50.8% during the third quarter. Jones Financial Companies Lllp now owns 2,381 shares of the shipping company’s stock worth $46,000 after purchasing an additional 802 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of Star Bulk Carriers by 5.6% during the third quarter. Vident Advisory LLC now owns 16,902 shares of the shipping company’s stock worth $314,000 after buying an additional 891 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Star Bulk Carriers by 141.7% during the third quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company’s stock worth $32,000 after purchasing an additional 1,022 shares in the last quarter. 33.91% of the stock is currently owned by 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.