Star Bulk Carriers Corp. (NASDAQ:SBLK) Stock Holdings Lowered by Focus Partners Wealth

Focus Partners Wealth reduced its holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 17.4% during the fourth quarter, Holdings Channel reports. The firm owned 601,335 shares of the shipping company’s stock after selling 127,107 shares during the period. Focus Partners Wealth’s holdings in Star Bulk Carriers were worth $8,990,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Encompass Capital Advisors LLC grew its position in Star Bulk Carriers by 13.5% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,240,650 shares of the shipping company’s stock valued at $18,548,000 after purchasing an additional 147,659 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of Star Bulk Carriers by 39,904.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 175,219 shares of the shipping company’s stock worth $2,620,000 after buying an additional 174,781 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Star Bulk Carriers in the fourth quarter worth $168,000. Praetorian PR LLC acquired a new position in Star Bulk Carriers during the 4th quarter valued at $6,267,000. Finally, Ion Asset Management Ltd. raised its stake in Star Bulk Carriers by 7.1% during the 4th quarter. Ion Asset Management Ltd. now owns 32,246 shares of the shipping company’s stock valued at $482,000 after purchasing an additional 2,146 shares during the last quarter. 33.91% of the stock is owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Performance

Shares of SBLK stock opened at $16.43 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.50 and a current ratio of 1.65. The company has a market capitalization of $1.93 billion, a P/E ratio of 5.72 and a beta of 0.89. The company’s 50 day moving average price is $15.02 and its two-hundred day moving average price is $15.92. Star Bulk Carriers Corp. has a 52 week low of $12.06 and a 52 week high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings data on Tuesday, February 18th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.08). The business had revenue of $308.92 million during the quarter, compared to analyst estimates of $230.91 million. Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. On average, analysts expect that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company 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. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.36 dividend on an annualized basis and a yield of 2.19%. Star Bulk Carriers’s payout ratio is 12.54%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SBLK shares. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Jefferies Financial Group reduced their target price on shares of Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Star Bulk Carriers has a consensus 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.