Envestnet Asset Management Inc. Has $863,000 Stake 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. lifted its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 64.0% in the 1st quarter, according to its most recent Form 13F filing 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 institutional investors have also recently added to or reduced their stakes in SBLK. Bank of New York Mellon Corp acquired a new stake in shares of Star Bulk Carriers during the first quarter valued at about $161,000. Aurora Private Wealth Inc. acquired a new position in shares of Star Bulk Carriers in the 1st quarter valued at approximately $893,000. Rossby Financial LCC acquired a new position in shares of Star Bulk Carriers in the 1st quarter valued at approximately $181,000. Essex Financial Services Inc. boosted its stake in Star Bulk Carriers by 15.8% during the 1st quarter. Essex Financial Services Inc. now owns 32,103 shares of the shipping company's stock valued at $500,000 after acquiring an additional 4,375 shares during the last quarter. Finally, CFM Wealth Partners LLC grew its holdings in Star Bulk Carriers by 6.1% during the 1st quarter. CFM Wealth Partners LLC now owns 112,601 shares of the shipping company's stock worth $1,752,000 after acquiring an additional 6,482 shares in 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 traded down $0.24 during trading on Thursday, hitting $18.91. The stock had a trading volume of 958,358 shares, compared to its average volume of 1,754,962. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.65 and a quick ratio of 1.47. The business has a fifty day moving average of $17.58 and a two-hundred day moving average of $16.09. Star Bulk Carriers Corp. has a fifty-two week low of $12.06 and a fifty-two week high of $23.82. The firm has a market cap of $2.22 billion, a P/E ratio of 9.54 and a beta of 0.94.

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

Star Bulk Carriers Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have commented on SBLK. Wall Street Zen downgraded Star Bulk Carriers from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Jefferies Financial Group restated a "buy" rating and set a $22.00 price objective on shares of Star Bulk Carriers in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Star Bulk Carriers currently has a consensus rating of "Hold" and a consensus target price of $22.30.

Star Bulk Carriers Company 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.