Grand Alliance Asset Management Ltd Has $12.14 Million Stock Position in Star Bulk Carriers Corp. $SBLK

Key Points

• Grand Alliance Asset Management Ltd increased its stake in Star Bulk Carriers Corp. by 5.4%, owning 780,000 shares valued at approximately $12.14 million.
• Star Bulk Carriers recently announced a quarterly dividend of $0.05 per share, equating to an annualized yield of 1.1% with a payout ratio of 19.05%.
• Analyst ratings for SBLK reflect a consensus of "Hold" with a target price averaging around $22.30, indicating moderate expectations for the stock's future performance.

Grand Alliance Asset Management Ltd grew its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 5.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 780,000 shares of the shipping company's stock after purchasing an additional 40,000 shares during the period. Star Bulk Carriers comprises approximately 14.0% of Grand Alliance Asset Management Ltd's portfolio, making the stock its 4th biggest position. Grand Alliance Asset Management Ltd owned about 0.66% of Star Bulk Carriers worth $12,137,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBLK. GAMMA Investing LLC increased its holdings in Star Bulk Carriers by 1,456.0% during the 1st quarter. GAMMA Investing LLC now owns 3,112 shares of the shipping company's stock worth $48,000 after purchasing an additional 2,912 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Star Bulk Carriers during the 1st quarter worth approximately $67,000. Mountain Hill Investment Partners Corp. boosted its stake in shares of Star Bulk Carriers by 66.7% in the 1st quarter. Mountain Hill Investment Partners Corp. now owns 5,000 shares of the shipping company's stock worth $78,000 after buying an additional 2,000 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new position in shares of Star Bulk Carriers in the 1st quarter worth approximately $125,000. Finally, Man Group plc purchased a new position in shares of Star Bulk Carriers in the 4th quarter worth approximately $154,000. 33.91% of the stock is owned by institutional investors.

Star Bulk Carriers Stock Performance

Star Bulk Carriers stock traded down $0.32 during trading on Monday, hitting $18.65. The stock had a trading volume of 2,497,557 shares, compared to its average volume of 1,039,200. Star Bulk Carriers Corp. has a 1 year low of $12.06 and a 1 year high of $23.82. The company has a quick ratio of 1.42, a current ratio of 1.61 and a debt-to-equity ratio of 0.40. The stock's 50 day moving average is $18.44 and its two-hundred day moving average is $16.57. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 17.76 and a beta of 0.97.

Star Bulk Carriers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, August 28th. Star Bulk Carriers's dividend payout ratio (DPR) is currently 19.05%.

Analysts Set New Price Targets

SBLK has been the topic of a number of research analyst reports. Wall Street Zen upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Jefferies Financial Group restated a "buy" rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research note on Thursday, August 7th. Finally, Zacks Research upgraded Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Star Bulk Carriers presently has a consensus rating of "Hold" and a consensus target price of $22.30.

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.