Norges Bank Acquires New Shares in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Norges Bank bought a new position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 236,138 shares of the shipping company's stock, valued at approximately $3,530,000. Norges Bank owned approximately 0.28% of Star Bulk Carriers at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Star Bulk Carriers in the 4th quarter worth $28,000. Parkside Financial Bank & Trust purchased a new stake in shares of Star Bulk Carriers during the fourth quarter worth about $30,000. Sunbelt Securities Inc. acquired a new position in shares of Star Bulk Carriers in the third quarter worth about $57,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Star Bulk Carriers by 177.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,623 shares of the shipping company's stock worth $39,000 after acquiring an additional 1,676 shares in the last quarter. Finally, Mountain Hill Investment Partners Corp. purchased a new position in Star Bulk Carriers in the fourth quarter valued at about $45,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Performance

NASDAQ:SBLK traded down $0.63 during trading hours on Tuesday, reaching $13.58. 757,811 shares of the stock were exchanged, compared to its average volume of 1,862,316. The stock has a market capitalization of $1.60 billion, a P/E ratio of 4.73 and a beta of 0.77. The firm has a 50 day simple moving average of $15.44 and a 200-day simple moving average of $16.84. 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 52 week low of $12.06 and a 52 week high of $27.47.

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Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $308.92 million for the quarter, compared to the consensus estimate of $230.91 million. Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. As a group, sell-side analysts forecast that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current fiscal 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 2.65%. The ex-dividend date of this dividend was Tuesday, March 4th. Star Bulk Carriers's dividend payout ratio is presently 12.54%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Jefferies Financial Group cut their target price on Star Bulk Carriers from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. StockNews.com lowered shares of Star Bulk Carriers from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, 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.