Star Bulk Carriers Corp. (NASDAQ:SBLK) Position Cut by Tidal Investments LLC

Tidal Investments LLC decreased its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 14.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 93,297 shares of the shipping company’s stock after selling 15,554 shares during the quarter. Tidal Investments LLC owned about 0.11% of Star Bulk Carriers worth $2,210,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Encompass Capital Advisors LLC boosted its stake in Star Bulk Carriers by 27.5% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock valued at $50,034,000 after purchasing an additional 442,860 shares during the period. Marshall Wace LLP raised its holdings in shares of Star Bulk Carriers by 101.8% during the second quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after buying an additional 903,542 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Star Bulk Carriers by 25.9% during the second quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock worth $42,569,000 after buying an additional 358,870 shares during the period. Millennium Management LLC grew its holdings in Star Bulk Carriers by 335.4% in the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after buying an additional 940,745 shares in the last quarter. Finally, Philosophy Capital Management LLC acquired a new stake in Star Bulk Carriers in the 3rd quarter valued at approximately $24,842,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Price Performance

Shares of NASDAQ SBLK opened at $15.00 on Tuesday. Star Bulk Carriers Corp. has a twelve month low of $14.71 and a twelve month high of $27.47. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The firm has a 50-day moving average of $18.86 and a two-hundred day moving average of $21.46. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.07, a PEG ratio of 3.95 and a beta of 0.96.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 16.00%. The ex-dividend date of this dividend is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is presently 81.08%.

Analysts Set New Price Targets

SBLK has been the subject of a number of analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft initiated 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. Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price objective for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. Finally, DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and boosted their target price for the stock from $19.30 to $20.20 in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Star Bulk Carriers has an average rating of “Hold” and an average price target 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.