Star Bulk Carriers Corp. (NASDAQ:SBLK) Shares Sold by DnB Asset Management AS

DnB Asset Management AS decreased its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 37.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 895,218 shares of the shipping company’s stock after selling 535,825 shares during the period. DnB Asset Management AS’s holdings in Star Bulk Carriers were worth $13,384,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SBLK. FMR LLC lifted its position in shares of Star Bulk Carriers by 229.6% during the third quarter. FMR LLC now owns 404,196 shares of the shipping company’s stock worth $9,575,000 after purchasing an additional 281,552 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Star Bulk Carriers during the 3rd quarter worth approximately $17,137,000. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Star Bulk Carriers by 89.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 35,400 shares of the shipping company’s stock worth $839,000 after buying an additional 16,700 shares in the last quarter. Millburn Ridgefield Corp purchased a new position in Star Bulk Carriers in the 3rd quarter valued at approximately $187,000. Finally, Philosophy Capital Management LLC acquired a new position in shares of Star Bulk Carriers in the third quarter worth $24,842,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Price Performance

Shares of SBLK opened at $15.98 on Friday. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 5.57 and a beta of 1.03. The firm’s fifty day simple moving average is $15.71 and its 200-day simple moving average is $17.55. Star Bulk Carriers Corp. has a twelve month low of $14.30 and a twelve month high of $27.47. The company has a current ratio of 1.65, a quick ratio of 1.50 and a debt-to-equity ratio of 0.42.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.08). The business had revenue of $308.92 million during the quarter, compared to analyst estimates of $230.91 million. Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. Equities analysts forecast that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Tuesday, March 4th. Star Bulk Carriers’s dividend payout ratio (DPR) is 12.54%.

Analyst Ratings Changes

Several brokerages have recently issued reports on SBLK. StockNews.com cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Jefferies Financial Group reduced their price target on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $22.05.

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.