LPL Financial LLC Buys 50,599 Shares of Star Bulk Carriers Corp. $SBLK

Key Points

• LPL Financial LLC increased its stake in Star Bulk Carriers Corp. by 40.8%, acquiring an additional 50,599 shares, bringing its total holdings to 174,623 shares valued at $2.7 million.
• Several other hedge funds also raised their stakes significantly in Star Bulk Carriers during the fourth quarter, indicating growing institutional interest in the company.
• The stock currently has a consensus rating of "Hold" from analysts, with an average price target of $22.30, reflecting cautious optimism amid recent market fluctuations.

LPL Financial LLC increased its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 40.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 174,623 shares of the shipping company's stock after buying an additional 50,599 shares during the quarter. LPL Financial LLC owned 0.15% of Star Bulk Carriers worth $2,717,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Analysts LLC lifted its position in shares of Star Bulk Carriers by 215.9% during the 4th quarter. Capital Analysts LLC now owns 2,284 shares of the shipping company's stock worth $34,000 after buying an additional 1,561 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of 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 buying an additional 2,912 shares during the last quarter. Mountain Hill Investment Partners Corp. lifted its position in shares of 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 worth $78,000 after buying an additional 2,000 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new stake in shares of Star Bulk Carriers during the 1st quarter worth $125,000. Finally, Man Group plc bought a new stake in shares of Star Bulk Carriers during the 4th quarter worth $154,000. 33.91% of the stock is currently owned by institutional investors.

Star Bulk Carriers Trading Up 0.7%

Shares of SBLK traded up $0.14 during mid-day trading on Friday, reaching $19.12. 826,824 shares of the company were exchanged, compared to its average volume of 988,258. Star Bulk Carriers Corp. has a 52 week low of $12.06 and a 52 week high of $23.82. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.42 and a current ratio of 1.61. The stock has a market capitalization of $2.25 billion, a PE ratio of 18.21 and a beta of 0.94. The business has a 50 day simple moving average of $18.18 and a two-hundred day simple moving average of $16.42.

Star Bulk Carriers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders 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 dividend yield of 1.0%. The ex-dividend date is Thursday, August 28th. Star Bulk Carriers's dividend payout ratio (DPR) is 19.05%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wall Street Zen upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Jefferies Financial Group reiterated a "buy" rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research report on Thursday, August 7th. Finally, Zacks Research upgraded Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Star Bulk Carriers presently has an average rating of "Hold" and an average price target 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.