Russell Investments Group Ltd. cut its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 26.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 243,509 shares of the shipping company's stock after selling 85,833 shares during the period. Russell Investments Group Ltd. owned approximately 0.21% of Star Bulk Carriers worth $3,789,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC raised its holdings in Star Bulk Carriers by 13.5% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,240,650 shares of the shipping company's stock valued at $18,548,000 after acquiring an additional 147,659 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Star Bulk Carriers by 12.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 813,000 shares of the shipping company's stock valued at $12,154,000 after acquiring an additional 89,600 shares in the last quarter. Grand Alliance Asset Management Ltd raised its holdings in shares of Star Bulk Carriers by 37.0% during the 4th quarter. Grand Alliance Asset Management Ltd now owns 740,000 shares of the shipping company's stock worth $11,063,000 after buying an additional 200,000 shares in the last quarter. Ramirez Asset Management Inc. raised its holdings in shares of Star Bulk Carriers by 18.4% during the 1st quarter. Ramirez Asset Management Inc. now owns 502,529 shares of the shipping company's stock worth $7,819,000 after buying an additional 78,241 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Star Bulk Carriers by 97.2% during the 4th quarter. Millennium Management LLC now owns 436,244 shares of the shipping company's stock worth $6,522,000 after buying an additional 215,074 shares in the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have recently commented on SBLK. Jefferies Financial Group reissued a "buy" rating and set a $22.00 price target on shares of Star Bulk Carriers in a report on Thursday, August 7th. Wall Street Zen raised Star Bulk Carriers from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Zacks Research raised Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $22.30.
Check Out Our Latest Report on Star Bulk Carriers
Star Bulk Carriers Price Performance
SBLK traded down $0.04 on Thursday, reaching $18.97. The stock had a trading volume of 953,052 shares, compared to its average volume of 936,587. Star Bulk Carriers Corp. has a fifty-two week low of $12.06 and a fifty-two week high of $23.82. The firm has a 50-day moving average of $18.36 and a 200-day moving average of $16.52. 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 company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 18.07 and a beta of 0.94.
Star Bulk Carriers Dividend Announcement
The company 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 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 28th. Star Bulk Carriers's dividend payout ratio is presently 19.05%.
About Star Bulk Carriers
(
Free Report)
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.
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