Graham Capital Management L.P. Takes $528,000 Position in Star Bulk Carriers Corp. $SBLK

Key Points

• Graham Capital Management L.P. has acquired a new stake in Star Bulk Carriers Corp., purchasing 33,956 shares valued at approximately $528,000 during the first quarter.
• Recent ratings for Star Bulk Carriers indicate a consensus rating of "Hold" from analysts, with a target price set at around $21.07.
• The company announced a quarterly dividend of $0.05 per share, with a dividend yield of 1.0% and a payout ratio of 19.05%.

Graham Capital Management L.P. acquired a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 33,956 shares of the shipping company's stock, valued at approximately $528,000.

Several other large investors also recently bought and sold shares of SBLK. Millennium Management LLC increased its position in shares of Star Bulk Carriers by 97.2% during the fourth quarter. Millennium Management LLC now owns 436,244 shares of the shipping company's stock worth $6,522,000 after purchasing an additional 215,074 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Star Bulk Carriers by 39,904.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 175,219 shares of the shipping company's stock worth $2,620,000 after purchasing an additional 174,781 shares during the last quarter. Encompass Capital Advisors LLC grew its holdings in shares of Star Bulk Carriers by 13.5% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,240,650 shares of the shipping company's stock worth $18,548,000 after buying an additional 147,659 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of Star Bulk Carriers by 177.7% during the first quarter. GSA Capital Partners LLP now owns 160,378 shares of the shipping company's stock worth $2,495,000 after buying an additional 102,619 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Star Bulk Carriers by 12.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 813,000 shares of the shipping company's stock valued at $12,154,000 after buying an additional 89,600 shares during the last quarter. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group restated a "buy" rating and set a $22.00 price target on shares of Star Bulk Carriers in a research report on Thursday, August 7th. Zacks Research upgraded Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Finally, Wall Street Zen raised Star Bulk Carriers from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Star Bulk Carriers has a consensus rating of "Hold" and a consensus price target of $21.07.

Star Bulk Carriers Trading Down 1.6%

SBLK stock traded down $0.31 during trading on Thursday, reaching $19.19. 1,885,651 shares of the stock were exchanged, compared to its average volume of 1,006,196. The company has a current ratio of 1.61, a quick ratio of 1.42 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 18.28 and a beta of 0.97. The business has a 50 day moving average price of $18.74 and a 200-day moving average price of $16.75. Star Bulk Carriers Corp. has a 1 year low of $12.06 and a 1 year high of $23.82.

Star Bulk Carriers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Thursday, August 28th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, August 28th. Star Bulk Carriers's 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.