Star Bulk Carriers Corp. (NASDAQ:SBLK) Stock Position Decreased by Sippican Capital Advisors

Sippican Capital Advisors cut its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 7.5% during the third quarter, Holdings Channel reports. The firm owned 22,372 shares of the shipping company’s stock after selling 1,824 shares during the quarter. Sippican Capital Advisors’ holdings in Star Bulk Carriers were worth $530,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SBLK. Autumn Glory Partners LLC purchased a new stake in shares of Star Bulk Carriers in the 3rd quarter valued at approximately $649,000. J.W. Cole Advisors Inc. purchased a new stake in shares of Star Bulk Carriers in the third quarter valued at $338,000. Mraz Amerine & Associates Inc. acquired a new stake in shares of Star Bulk Carriers in the third quarter worth $1,779,000. International Assets Investment Management LLC purchased a new position in shares of Star Bulk Carriers during the third quarter valued at $298,000. Finally, Private Advisor Group LLC raised its position in Star Bulk Carriers by 22.1% during the third quarter. Private Advisor Group LLC now owns 11,882 shares of the shipping company’s stock valued at $281,000 after buying an additional 2,152 shares during the period. 33.91% of the stock is owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Up 0.3 %

SBLK traded up $0.05 during midday trading on Thursday, hitting $19.22. 119,601 shares of the company’s stock traded hands, compared to its average volume of 1,590,162. 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 market cap of $1.61 billion, a PE ratio of 7.05 and a beta of 0.98. Star Bulk Carriers Corp. has a one year low of $17.91 and a one year high of $27.47. The stock’s fifty day simple moving average is $21.11 and its 200-day simple moving average is $23.10.

Star Bulk Carriers (NASDAQ:SBLK) last posted its earnings results on Wednesday, August 7th. The shipping company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). The business had revenue of $352.88 million for the quarter, compared to analyst estimates of $329.38 million. Star Bulk Carriers had a return on equity of 13.58% and a net margin of 24.05%. During the same period in the previous year, the company earned $0.47 earnings per share. As a group, equities analysts anticipate that Star Bulk Carriers Corp. will post 2.98 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were paid a $0.70 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a yield of 14.57%. Star Bulk Carriers’s payout ratio is presently 102.94%.

Analysts Set New Price Targets

A number of equities research analysts have commented on SBLK shares. DNB Markets lowered Star Bulk Carriers from a “hold” rating to a “sell” rating in a research report on Friday, October 11th. Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price target for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $25.67.

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.