Arrowstreet Capital Limited Partnership Reduces Stock Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Arrowstreet Capital Limited Partnership reduced its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 12.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Star Bulk Carriers during the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust bought a new stake in shares of Star Bulk Carriers in the 4th quarter worth about $30,000. Quarry LP boosted its position in shares of Star Bulk Carriers by 39.8% during the third quarter. Quarry LP now owns 2,365 shares of the shipping company's stock valued at $56,000 after buying an additional 673 shares during the period. Sunbelt Securities Inc. bought a new position in Star Bulk Carriers in the 3rd quarter valued at $57,000. Finally, Steward Partners Investment Advisory LLC increased its stake in Star Bulk Carriers by 177.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,623 shares of the shipping company's stock worth $39,000 after buying an additional 1,676 shares during the period. 33.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Jefferies Financial Group cut their price objective on shares of 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 research report on Thursday, January 23rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $22.05.

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Star Bulk Carriers Trading Down 9.2 %

Shares of Star Bulk Carriers stock traded down $1.44 during trading hours on Thursday, hitting $14.21. The company's stock had a trading volume of 3,161,347 shares, compared to its average volume of 1,856,002. Star Bulk Carriers Corp. has a twelve month low of $14.20 and a twelve month high of $27.47. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 4.95 and a beta of 1.03. The firm has a fifty day moving average of $15.78 and a 200-day moving average of $17.44. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.50 and a current ratio of 1.65.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last posted 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). The business had revenue of $308.92 million during the quarter, compared to analyst estimates of $230.91 million. Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. Research analysts forecast that Star Bulk Carriers Corp. will post 1.74 EPS for the current year.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Tuesday, March 4th. Star Bulk Carriers's dividend payout ratio (DPR) is presently 12.54%.

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.