Quarry LP Increases Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Quarry LP lifted its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 39.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,365 shares of the shipping company’s stock after acquiring an additional 673 shares during the period. Quarry LP’s holdings in Star Bulk Carriers were worth $56,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Philosophy Capital Management LLC bought a new position in Star Bulk Carriers in the third quarter worth about $24,842,000. Bank of New York Mellon Corp purchased a new position in shares of Star Bulk Carriers in the 2nd quarter worth approximately $23,212,000. Millennium Management LLC raised its stake in shares of Star Bulk Carriers by 335.4% during the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after acquiring an additional 940,745 shares in the last quarter. Marshall Wace LLP lifted its position in Star Bulk Carriers by 101.8% during the second quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after acquiring an additional 903,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Star Bulk Carriers in the third quarter valued at approximately $17,137,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SBLK shares. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target on the stock. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and upped their target price for the company from $19.30 to $20.20 in a research report on Thursday, November 21st. Stifel Nicolaus cut Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price target for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group restated a “buy” rating and set a $28.00 price target on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Star Bulk Carriers presently has an average rating of “Moderate Buy” and a consensus target price of $23.80.

Star Bulk Carriers Stock Performance

Shares of SBLK stock opened at $16.30 on Tuesday. The business has a fifty day moving average of $19.61 and a 200 day moving average of $21.87. Star Bulk Carriers Corp. has a 1 year low of $15.67 and a 1 year high of $27.47. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.69 and a quick ratio of 1.50. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 5.51, a price-to-earnings-growth ratio of 4.17 and a beta of 0.96.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 14.72%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

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.