Grand Alliance Asset Management Ltd acquired a new position in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 600,000 shares of the shipping company's stock, valued at approximately $12,756,000. Star Bulk Carriers makes up approximately 6.8% of Grand Alliance Asset Management Ltd's holdings, making the stock its 6th biggest holding. Grand Alliance Asset Management Ltd owned about 0.58% of Star Bulk Carriers at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the business. Principal Securities Inc. bought a new position in shares of Star Bulk Carriers in the fourth quarter worth $40,000. Charles Schwab Investment Management Inc. increased its stake in Star Bulk Carriers by 39.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,214 shares of the shipping company's stock valued at $6,064,000 after buying an additional 80,406 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in shares of Star Bulk Carriers during the 4th quarter worth about $510,000. Apollon Wealth Management LLC boosted its holdings in shares of Star Bulk Carriers by 5.8% in the fourth quarter. Apollon Wealth Management LLC now owns 20,612 shares of the shipping company's stock valued at $438,000 after acquiring an additional 1,131 shares in the last quarter. Finally, Essex Financial Services Inc. increased its stake in shares of Star Bulk Carriers by 9.0% during the fourth quarter. Essex Financial Services Inc. now owns 26,776 shares of the shipping company's stock valued at $569,000 after acquiring an additional 2,201 shares during the period. 33.91% of the stock is currently owned by institutional investors and hedge funds.
Star Bulk Carriers Price Performance
Shares of NASDAQ:SBLK traded down $0.45 during trading hours on Friday, hitting $25.67. 2,072,919 shares of the company's stock traded hands, compared to its average volume of 1,484,816. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.09 and a current ratio of 1.26. The company's fifty day simple moving average is $24.17 and its two-hundred day simple moving average is $21.99. Star Bulk Carriers Corp. has a 52 week low of $16.57 and a 52 week high of $26.54. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 14.50 and a beta of 1.07.
Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last posted its quarterly earnings results on Tuesday, February 13th. The shipping company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.16. The firm had revenue of $263.46 million for the quarter, compared to analyst estimates of $236.40 million. Star Bulk Carriers had a net margin of 18.28% and a return on equity of 9.77%. During the same quarter in the previous year, the business posted $0.90 earnings per share. As a group, equities analysts anticipate that Star Bulk Carriers Corp. will post 4.19 EPS for the current fiscal year.
Star Bulk Carriers Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were paid a $0.45 dividend. The ex-dividend date was Monday, March 11th. This represents a $1.80 dividend on an annualized basis and a yield of 7.01%. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.22. Star Bulk Carriers's dividend payout ratio (DPR) is currently 101.70%.
Analyst Ratings Changes
Separately, Stifel Nicolaus upped their target price on Star Bulk Carriers from $76.00 to $83.00 and gave the stock a "buy" rating in a research report on Wednesday, February 14th.
Check Out Our Latest Analysis on SBLK
Star Bulk Carriers Profile
(
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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