Kingstone Capital Partners Texas LLC Buys Shares of 3,317,491 Star Bulk Carriers Corp. $SBLK

Key Points

• Kingstone Capital Partners Texas LLC has acquired 3,317,491 shares of Star Bulk Carriers Corp., representing approximately 2.82% of the company's stock, valued at roughly $57.2 million.
• Star Bulk Carriers declared a quarterly dividend of $0.05 per share, resulting in an annualized dividend of $0.20 and a dividend yield of 1.0%.
• Analysts have issued a mix of ratings for Star Bulk Carriers, with Jefferies maintaining a buy rating and a target price of $22.00, while others have adjusted ratings to hold.

Kingstone Capital Partners Texas LLC acquired a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 3,317,491 shares of the shipping company's stock, valued at approximately $57,227,000. Kingstone Capital Partners Texas LLC owned approximately 2.82% of Star Bulk Carriers as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in SBLK. GAMMA Investing LLC boosted its position in shares of Star Bulk Carriers by 1,456.0% in the 1st quarter. GAMMA Investing LLC now owns 3,112 shares of the shipping company's stock worth $48,000 after buying an additional 2,912 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Star Bulk Carriers in the 1st quarter worth about $67,000. Mountain Hill Investment Partners Corp. boosted its position 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 in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Star Bulk Carriers in the 1st quarter worth about $125,000. Finally, Man Group plc acquired a new position in Star Bulk Carriers in the 4th quarter valued at about $154,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Star Bulk Carriers from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Jefferies Financial Group reissued 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 raised shares of Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. 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.com, Star Bulk Carriers has an average rating of "Hold" and an average target price of $21.07.

Star Bulk Carriers Stock Down 2.7%

Shares of Star Bulk Carriers stock traded down $0.54 on Monday, hitting $19.16. 667,431 shares of the company's stock traded hands, compared to its average volume of 1,650,557. The firm's 50-day moving average is $18.93 and its 200 day moving average is $16.94. 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 $2.25 billion, a P/E ratio of 18.25 and a beta of 0.97. The company has a quick ratio of 1.42, a current ratio of 1.61 and a debt-to-equity ratio of 0.40.

Star Bulk Carriers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Thursday, August 28th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, August 28th. This represents a $0.20 annualized dividend and a yield of 1.0%. Star Bulk Carriers's dividend payout ratio (DPR) is 19.05%.

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.