Arrowstreet Capital Limited Partnership Sells 379,218 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Arrowstreet Capital Limited Partnership lessened its holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 12.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,790,908 shares of the shipping company’s stock after selling 379,218 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Star Bulk Carriers were worth $41,724,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Star Bulk Carriers in the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust bought a new stake in shares of Star Bulk Carriers in the fourth quarter valued at approximately $30,000. Steward Partners Investment Advisory LLC grew its position in Star Bulk Carriers by 177.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,623 shares of the shipping company’s stock worth $39,000 after buying an additional 1,676 shares in the last quarter. Mountain Hill Investment Partners Corp. bought a new position in Star Bulk Carriers during the 4th quarter worth $45,000. Finally, Blue Trust Inc. raised its holdings in Star Bulk Carriers by 51.3% in the 4th quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company’s stock valued at $46,000 after acquiring an additional 1,038 shares in the last quarter. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Star Bulk Carriers Stock Performance

NASDAQ:SBLK opened at $15.72 on Wednesday. Star Bulk Carriers Corp. has a twelve month low of $14.30 and a twelve month high of $27.47. The company has a quick ratio of 1.50, a current ratio of 1.65 and a debt-to-equity ratio of 0.42. The stock’s 50-day simple moving average is $15.75 and its 200 day simple moving average is $17.46. The firm has a market capitalization of $1.85 billion, a PE ratio of 5.48 and a beta of 1.03.

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

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.09 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.36 annualized dividend and a dividend yield of 2.29%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 12.54%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Jefferies Financial Group decreased 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. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $22.05.

Star Bulk Carriers 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.