683 Capital Management LLC Invests $4.67 Million in Star Bulk Carriers Corp. $SBLK

Key Points

• 683 Capital Management LLC acquired 300,000 shares of Star Bulk Carriers, valued at approximately $4.67 million, increasing its stake to 0.26% as of the end of the first quarter.
• Star Bulk Carriers recently updated its dividend policy, announcing a quarterly dividend of $0.05 per share, reflecting an annualized dividend yield of 1.1%.
• Analysts maintain a consensus rating of "Hold" for Star Bulk Carriers, with Jefferies Financial Group setting a target price of $22.00 for the stock.

683 Capital Management LLC bought a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 300,000 shares of the shipping company's stock, valued at approximately $4,668,000. 683 Capital Management LLC owned about 0.26% of Star Bulk Carriers as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of Star Bulk Carriers by 94.3% in the first quarter. Royal Bank of Canada now owns 117,275 shares of the shipping company's stock valued at $1,825,000 after acquiring an additional 56,930 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Star Bulk Carriers in the first quarter valued at $528,000. Grand Alliance Asset Management Ltd raised its holdings in shares of Star Bulk Carriers by 5.4% in the first quarter. Grand Alliance Asset Management Ltd now owns 780,000 shares of the shipping company's stock valued at $12,137,000 after buying an additional 40,000 shares during the last quarter. Vident Advisory LLC grew its holdings in Star Bulk Carriers by 253.1% during the 1st quarter. Vident Advisory LLC now owns 78,017 shares of the shipping company's stock worth $1,214,000 after acquiring an additional 55,923 shares during the last quarter. Finally, Valueworks LLC increased its position in Star Bulk Carriers by 6.6% in the 1st quarter. Valueworks LLC now owns 364,270 shares of the shipping company's stock valued at $5,668,000 after acquiring an additional 22,545 shares in the last quarter. 33.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on SBLK. Wall Street Zen upgraded shares of Star Bulk Carriers from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Zacks Research raised Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Star Bulk Carriers currently has a consensus rating of "Hold" and an average price target of $21.07.

Star Bulk Carriers Price Performance

NASDAQ:SBLK traded up $0.20 during mid-day trading on Friday, reaching $19.31. The stock had a trading volume of 920,412 shares, compared to its average volume of 971,263. The stock has a 50-day simple moving average of $18.60 and a two-hundred day simple moving average of $16.65. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.61 and a quick ratio of 1.42. Star Bulk Carriers Corp. has a 12 month low of $12.06 and a 12 month high of $23.82. The stock has a market capitalization of $2.27 billion, a PE ratio of 18.39 and a beta of 0.97.

Star Bulk Carriers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Thursday, August 28th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Thursday, August 28th. Star Bulk Carriers's dividend payout ratio is presently 19.05%.

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.