Star Bulk Carriers Corp. (NASDAQ:SBLK) Shares Sold by DnB Asset Management AS

DnB Asset Management AS reduced its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 37.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 895,218 shares of the shipping company’s stock after selling 535,825 shares during the period. DnB Asset Management AS owned 1.07% of Star Bulk Carriers worth $13,384,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Philosophy Capital Management LLC purchased a new stake in shares of Star Bulk Carriers during the third quarter worth approximately $24,842,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Star Bulk Carriers during the 3rd quarter worth $17,137,000. Barclays PLC grew its holdings in shares of Star Bulk Carriers by 7,313.4% during the third quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock worth $10,784,000 after buying an additional 449,113 shares in the last quarter. Stifel Financial Corp raised its position in shares of Star Bulk Carriers by 152.2% in the third quarter. Stifel Financial Corp now owns 685,053 shares of the shipping company’s stock valued at $16,229,000 after buying an additional 413,423 shares during the last quarter. Finally, Amundi lifted its stake in shares of Star Bulk Carriers by 48.9% in the fourth quarter. Amundi now owns 1,174,566 shares of the shipping company’s stock worth $17,454,000 after buying an additional 385,980 shares in the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Price Performance

Star Bulk Carriers stock opened at $15.98 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.50 and a debt-to-equity ratio of 0.42. The stock has a market cap of $1.34 billion, a P/E ratio of 5.57 and a beta of 1.03. The company has a 50-day moving average price of $15.71 and a 200 day moving average price of $17.55. Star Bulk Carriers Corp. has a 12-month low of $14.30 and a 12-month high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.08). Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. The firm had revenue of $308.92 million for the quarter, compared to analysts’ expectations of $230.91 million. Sell-side analysts anticipate that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Tuesday, March 4th. Star Bulk Carriers’s payout ratio is 12.54%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Jefferies Financial Group dropped their price target on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $22.05.

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.