Envestnet Asset Management Inc. Boosts Holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Key Points

• Envestnet Asset Management Inc. increased its holdings in Star Bulk Carriers Corp. by 64.0% during the first quarter, bringing its total shares owned to 55,439, valued at $863,000.
• Star Bulk Carriers recently reported a loss of $0.07 per share for the quarter, surpassing analyst expectations, with revenue totaling $159.28 million.
• The company declared a $0.05 quarterly dividend with an annualized yield of 1.1%, reflecting a payout ratio of 10.10%.

Envestnet Asset Management Inc. grew its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 64.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,439 shares of the shipping company's stock after purchasing an additional 21,631 shares during the period. Envestnet Asset Management Inc.'s holdings in Star Bulk Carriers were worth $863,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SBLK. Praetorian PR LLC bought a new stake in shares of Star Bulk Carriers in the fourth quarter worth $6,267,000. Norges Bank bought a new stake in shares of Star Bulk Carriers in the fourth quarter worth $3,530,000. Millennium Management LLC increased its stake in shares of Star Bulk Carriers by 97.2% in the fourth quarter. Millennium Management LLC now owns 436,244 shares of the shipping company's stock worth $6,522,000 after buying an additional 215,074 shares during the last quarter. Grand Alliance Asset Management Ltd increased its stake in shares of Star Bulk Carriers by 37.0% in the fourth quarter. Grand Alliance Asset Management Ltd now owns 740,000 shares of the shipping company's stock worth $11,063,000 after buying an additional 200,000 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in shares of Star Bulk Carriers by 39,904.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 175,219 shares of the shipping company's stock worth $2,620,000 after buying an additional 174,781 shares during the last quarter. Hedge funds and other institutional investors own 33.91% of the company's stock.

Star Bulk Carriers Price Performance

Shares of Star Bulk Carriers stock opened at $18.42 on Monday. The company has a current ratio of 1.65, a quick ratio of 1.47 and a debt-to-equity ratio of 0.42. The company's 50-day moving average price is $17.46 and its two-hundred day moving average price is $16.04. Star Bulk Carriers Corp. has a 52 week low of $12.06 and a 52 week high of $23.82. The stock has a market cap of $2.17 billion, a PE ratio of 9.30 and a beta of 0.94.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The shipping company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.21. The firm had revenue of $159.28 million for the quarter, compared to the consensus estimate of $162.57 million. Star Bulk Carriers had a return on equity of 8.20% and a net margin of 18.62%. During the same quarter in the previous year, the company earned $0.87 EPS. As a group, sell-side analysts anticipate that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.20 annualized dividend and a dividend yield of 1.1%. Star Bulk Carriers's payout ratio is presently 10.10%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Star Bulk Carriers from a "hold" rating to a "sell" rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target 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.

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