Kettle Hill Capital Management LLC Takes Position in Star Bulk Carriers Corp. $SBLK

Key Points

• Kettle Hill Capital Management LLC has acquired a new stake in Star Bulk Carriers Corp., purchasing 308,547 shares valued at approximately $4.8 million.
• The stock has shown significant interest from other institutional investors, with Northern Trust Corp increasing its holdings by 21.1% and Millennium Management LLC by 97.2% in the previous quarter.
• Star Bulk Carriers declared a quarterly dividend of $0.05 per share, which signifies a payout ratio of 19.05% and represents a yield of 1.0%.

Kettle Hill Capital Management LLC bought a new position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 308,547 shares of the shipping company's stock, valued at approximately $4,801,000. Star Bulk Carriers comprises approximately 1.3% of Kettle Hill Capital Management LLC's holdings, making the stock its 23rd largest position. Kettle Hill Capital Management LLC owned 0.26% of Star Bulk Carriers as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Star Bulk Carriers by 1,456.0% in the first quarter. GAMMA Investing LLC now owns 3,112 shares of the shipping company's stock worth $48,000 after acquiring an additional 2,912 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Star Bulk Carriers in the 1st quarter worth about $67,000. Mountain Hill Investment Partners Corp. grew its holdings in Star Bulk Carriers by 66.7% during the 1st quarter. Mountain Hill Investment Partners Corp. now owns 5,000 shares of the shipping company's stock valued at $78,000 after buying an additional 2,000 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new stake in shares of Star Bulk Carriers during the 1st quarter valued at about $125,000. Finally, Man Group plc bought a new stake in Star Bulk Carriers in the 4th quarter worth approximately $154,000. Institutional investors and hedge funds own 33.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SBLK shares. Jefferies Financial Group reissued a "buy" rating and set a $22.00 target price on shares of Star Bulk Carriers in a research note 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 upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $21.07.

Star Bulk Carriers Trading Up 1.4%

Star Bulk Carriers stock traded up $0.27 during midday trading on Tuesday, reaching $19.72. The stock had a trading volume of 1,621,354 shares, compared to its average volume of 1,668,952. The firm's fifty day simple moving average is $18.64 and its two-hundred day simple moving average is $16.69. Star Bulk Carriers Corp. has a twelve month low of $12.06 and a twelve month high of $23.82. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.61 and a quick ratio of 1.42. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 18.78 and a beta of 0.97.

Star Bulk Carriers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Thursday, August 28th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.0%. The ex-dividend date is Thursday, August 28th. Star Bulk Carriers's dividend payout ratio (DPR) is 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.