Philosophy Capital Management LLC Acquires 139,930 Shares of Star Bulk Carriers Corp. $SBLK

Key Points

• Philosophy Capital Management LLC has increased its stake in Star Bulk Carriers by 10.1%, making it their 12th largest holding with a total of 1,519,259 shares.
• Star Bulk Carriers recently announced a quarterly dividend of $0.05 per share, expected to be paid on September 10th, with an annualized yield of 1.0%.
• Analysts have given Star Bulk Carriers a consensus rating of "Hold" with a target price of $21.07, following several research report updates.

Philosophy Capital Management LLC boosted its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 10.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,519,259 shares of the shipping company's stock after purchasing an additional 139,930 shares during the period. Star Bulk Carriers comprises 1.7% of Philosophy Capital Management LLC's investment portfolio, making the stock its 12th largest position. Philosophy Capital Management LLC owned 1.29% of Star Bulk Carriers worth $23,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Golden State Wealth Management LLC increased its stake in shares of Star Bulk Carriers by 97.0% during the first quarter. Golden State Wealth Management LLC now owns 69,936 shares of the shipping company's stock valued at $1,088,000 after buying an additional 34,433 shares during the period. Aurora Private Wealth Inc. purchased a new position in shares of Star Bulk Carriers during the first quarter valued at approximately $893,000. Northern Trust Corp increased its stake in shares of Star Bulk Carriers by 21.1% during the fourth quarter. Northern Trust Corp now owns 93,352 shares of the shipping company's stock valued at $1,396,000 after buying an additional 16,287 shares during the period. GAMMA Investing LLC increased its stake in shares of Star Bulk Carriers by 1,456.0% during the first quarter. GAMMA Investing LLC now owns 3,112 shares of the shipping company's stock valued at $48,000 after buying an additional 2,912 shares during the period. Finally, Raiffeisen Bank International AG purchased a new position in shares of Star Bulk Carriers during the fourth quarter valued at approximately $477,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Down 1.1%

Star Bulk Carriers stock traded down $0.22 during mid-day trading on Wednesday, hitting $19.50. The company had a trading volume of 932,841 shares, compared to its average volume of 1,664,779. 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 stock's 50 day moving average price is $18.69 and its two-hundred day moving average price is $16.71. Star Bulk Carriers Corp. has a 12 month low of $12.06 and a 12 month high of $23.82. The company has a market capitalization of $2.29 billion, a PE ratio of 18.57 and a beta of 0.97.

Star Bulk Carriers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders 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 of this dividend is Thursday, August 28th. Star Bulk Carriers's payout ratio is 19.05%.

Wall Street Analyst Weigh In

SBLK has been the topic of several research analyst reports. 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. Wall Street Zen raised Star Bulk Carriers from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, Zacks Research raised Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $21.07.

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.