Arrowstreet Capital Limited Partnership Makes New Investment in Star Bulk Carriers Corp. $SBLK

Arrowstreet Capital Limited Partnership purchased a new stake in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 757,426 shares of the shipping company's stock, valued at approximately $17,398,000. Arrowstreet Capital Limited Partnership owned about 0.67% of Star Bulk Carriers as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Triumph Capital Management bought a new stake in Star Bulk Carriers in the 3rd quarter valued at $26,000. Rhumbline Advisers lifted its position in shares of Star Bulk Carriers by 141.7% in the 3rd quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company's stock worth $32,000 after acquiring an additional 1,022 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Star Bulk Carriers in the 3rd quarter worth approximately $33,000. Morse Asset Management Inc acquired a new stake in shares of Star Bulk Carriers during the 3rd quarter worth approximately $37,000. Finally, Leonteq Securities AG acquired a new stake in shares of Star Bulk Carriers during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 33.91% of the company's stock.

Insider Buying and Selling

In related news, COO Nikolaos Reskos sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $28.49, for a total value of $142,450.00. Following the completion of the transaction, the chief operating officer owned 362,775 shares in the company, valued at $10,335,459.75. The trade was a 1.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nikolaos Karellis sold 20,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The SEC filing for this sale provides additional information. In the last three months, insiders sold 98,103 shares of company stock valued at $2,635,792. 0.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SBLK. Wall Street Zen raised shares of Star Bulk Carriers from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 18th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $32.00 price objective on shares of Star Bulk Carriers in a report on Friday, May 22nd. Zacks Research cut Star Bulk Carriers from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Jefferies Financial Group boosted their price target on Star Bulk Carriers from $29.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Star Bulk Carriers in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $31.50.

Star Bulk Carriers Stock Up 6.4%

NASDAQ SBLK opened at $29.15 on Friday. The firm has a market cap of $3.31 billion, a PE ratio of 23.32 and a beta of 0.72. Star Bulk Carriers Corp. has a one year low of $16.72 and a one year high of $29.17. The stock's 50 day simple moving average is $26.54 and its 200 day simple moving average is $24.82. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.73 and a quick ratio of 1.55.

Star Bulk Carriers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 12th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $2.00 dividend on an annualized basis and a yield of 6.9%. This is an increase from Star Bulk Carriers's previous quarterly dividend of $0.37. Star Bulk Carriers's payout ratio is currently 160.00%.

About Star Bulk Carriers

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company's vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.

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