Star Bulk Carriers Corp. (NASDAQ:SBLK) is Ramirez Asset Management Inc.'s 9th Largest Position

Key Points

• Ramirez Asset Management Inc. has increased its position in Star Bulk Carriers Corp. by 18.4%, owning 502,529 shares valued at approximately $7.8 million, making it the firm's 9th largest position.
• Star Bulk Carriers has recently been upgraded from a "sell" to a "hold" rating by Wall Street Zen, and holds a consensus rating of "Hold" with an average target price of $22.05.
• The company reported a loss of ($0.07) per share for the last quarter, exceeding the consensus estimate, and has declared a quarterly dividend of $0.05 per share.

Ramirez Asset Management Inc. increased its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 502,529 shares of the shipping company's stock after buying an additional 78,241 shares during the quarter. Star Bulk Carriers accounts for about 1.6% of Ramirez Asset Management Inc.'s portfolio, making the stock its 9th largest position. Ramirez Asset Management Inc. owned approximately 0.43% of Star Bulk Carriers worth $7,819,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Encompass Capital Advisors LLC boosted its stake in shares of Star Bulk Carriers by 13.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,240,650 shares of the shipping company's stock worth $18,548,000 after buying an additional 147,659 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Star Bulk Carriers by 12.4% during the fourth 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 during the last quarter. Grand Alliance Asset Management Ltd lifted its position in shares of Star Bulk Carriers by 37.0% in the fourth quarter. Grand Alliance Asset Management Ltd now owns 740,000 shares of the shipping company's stock valued at $11,063,000 after acquiring an additional 200,000 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Star Bulk Carriers by 22.8% in the fourth quarter. Geode Capital Management LLC now owns 561,713 shares of the shipping company's stock valued at $8,398,000 after acquiring an additional 104,439 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Star Bulk Carriers by 97.2% in the fourth quarter. Millennium Management LLC now owns 436,244 shares of the shipping company's stock valued at $6,522,000 after acquiring an additional 215,074 shares in the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Star Bulk Carriers from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $22.05.

Star Bulk Carriers Price Performance

Shares of NASDAQ SBLK traded up $0.14 during midday trading on Friday, hitting $18.40. The stock had a trading volume of 377,310 shares, compared to its average volume of 1,775,057. Star Bulk Carriers Corp. has a 1 year low of $12.06 and a 1 year high of $23.82. The company has a quick ratio of 1.47, a current ratio of 1.65 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $2.16 billion, a PE ratio of 9.28 and a beta of 0.93. The stock has a 50 day simple moving average of $17.42 and a 200-day simple moving average of $16.00.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The shipping company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.21. Star Bulk Carriers had a return on equity of 8.20% and a net margin of 18.62%. The firm had revenue of $159.28 million during the quarter, compared to analysts' expectations of $162.57 million. During the same quarter last year, the firm earned $0.87 earnings per share. On average, sell-side analysts expect that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, June 6th. Star Bulk Carriers's dividend payout ratio is presently 10.10%.

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.