Navellier & Associates Inc. Makes New Investment in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Navellier & Associates Inc. acquired a new stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 37,658 shares of the shipping company’s stock, valued at approximately $892,000.

A number of other hedge funds have also modified their holdings of the company. Encompass Capital Advisors LLC grew its stake in shares of Star Bulk Carriers by 27.5% in the second quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock valued at $50,034,000 after buying an additional 442,860 shares in the last quarter. Marshall Wace LLP raised its holdings in Star Bulk Carriers by 101.8% in the 2nd quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after acquiring an additional 903,542 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Star Bulk Carriers by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock worth $42,569,000 after acquiring an additional 358,870 shares in the last quarter. Millennium Management LLC grew its position in Star Bulk Carriers by 335.4% in the second quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock valued at $29,774,000 after acquiring an additional 940,745 shares during the last quarter. Finally, Artemis Investment Management LLP increased its holdings in shares of Star Bulk Carriers by 29.4% during the second quarter. Artemis Investment Management LLP now owns 1,025,802 shares of the shipping company’s stock worth $25,009,000 after buying an additional 233,000 shares in the last quarter. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Star Bulk Carriers Trading Down 1.3 %

NASDAQ:SBLK opened at $18.73 on Friday. Star Bulk Carriers Corp. has a 52 week low of $18.52 and a 52 week high of $27.47. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 6.33 and a beta of 1.00. The firm has a 50 day moving average of $20.80 and a 200 day moving average of $22.67.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 12.82%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SBLK shares. StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target on the stock. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and boosted their target price for the company from $19.30 to $20.20 in a research note on Thursday. Jefferies Financial Group reissued a “buy” rating and set a $28.00 target price on shares of Star Bulk Carriers in a report on Wednesday. Finally, Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price target for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.80.

About Star Bulk Carriers

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.