Star Bulk Carriers (NASDAQ:SBLK) Shares Down 5% – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK) shares traded down 5% during trading on Friday . The company traded as low as $19.81 and last traded at $19.7080. 531,159 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 1,141,094 shares. The stock had previously closed at $20.75.

Analysts Set New Price Targets

A number of equities research analysts have commented on SBLK shares. Zacks Research upgraded Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Jefferies Financial Group restated a “buy” rating and issued a $22.00 price objective on shares of Star Bulk Carriers in a report on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $22.00.

Star Bulk Carriers Price Performance

The company has a fifty day moving average of $19.21 and a 200-day moving average of $18.77. The company has a current ratio of 1.72, a quick ratio of 1.56 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.31 billion, a PE ratio of 37.77 and a beta of 0.75.

Star Bulk Carriers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 18th. Investors of record on Friday, December 5th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, December 5th. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 84.62%.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Triumph Capital Management purchased a new stake in shares of Star Bulk Carriers during the third quarter worth $26,000. Rhumbline Advisers grew its stake in Star Bulk Carriers by 141.7% during the 3rd 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. Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers during the 3rd quarter worth $33,000. Morse Asset Management Inc purchased a new stake in Star Bulk Carriers during the 3rd quarter worth about $37,000. Finally, Jones Financial Companies Lllp raised its position in Star Bulk Carriers by 50.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,381 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 802 shares in the last quarter. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Company Profile

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company’s vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.