Arrowstreet Capital Limited Partnership Has $41.72 Million Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Arrowstreet Capital Limited Partnership lessened its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 12.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,790,908 shares of the shipping company’s stock after selling 379,218 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 3.32% of Star Bulk Carriers worth $41,724,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Star Bulk Carriers in the fourth quarter valued at approximately $3,530,000. Mountain Hill Investment Partners Corp. acquired a new stake in Star Bulk Carriers in the 4th quarter valued at $45,000. Oppenheimer & Close LLC bought a new stake in Star Bulk Carriers during the 4th quarter worth about $505,000. Fox Run Management L.L.C. boosted its stake in shares of Star Bulk Carriers by 35.1% during the 4th quarter. Fox Run Management L.L.C. now owns 44,803 shares of the shipping company’s stock worth $670,000 after buying an additional 11,652 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Star Bulk Carriers in the 4th quarter valued at about $1,271,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Price Performance

NASDAQ:SBLK opened at $15.72 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 1.65 and a debt-to-equity ratio of 0.42. Star Bulk Carriers Corp. has a 12-month low of $14.30 and a 12-month high of $27.47. The stock’s 50 day moving average price is $15.75 and its two-hundred day moving average price is $17.46. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 5.48 and a beta of 1.03.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share (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 business had revenue of $308.92 million for the quarter, compared to analyst estimates of $230.91 million. On average, analysts anticipate that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Tuesday, March 4th. Star Bulk Carriers’s payout ratio is 12.54%.

Analyst Upgrades and Downgrades

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

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.