Geode Capital Management LLC lifted its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 359.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 457,274 shares of the shipping company's stock after purchasing an additional 357,720 shares during the quarter. Geode Capital Management LLC owned about 0.54% of Star Bulk Carriers worth $10,833,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC grew its stake in shares of Star Bulk Carriers by 7,313.4% in the third quarter. Barclays PLC now owns 455,254 shares of the shipping company's stock valued at $10,784,000 after buying an additional 449,113 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Star Bulk Carriers in the third quarter valued at $1,731,000. Y Intercept Hong Kong Ltd acquired a new position in Star Bulk Carriers during the third quarter worth approximately $648,000. Stifel Financial Corp raised its position in Star Bulk Carriers by 152.2% in the 3rd quarter. Stifel Financial Corp now owns 685,053 shares of the shipping company's stock valued at $16,229,000 after purchasing an additional 413,423 shares during the last quarter. Finally, Quarry LP boosted its stake 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 worth $56,000 after buying an additional 673 shares during the period. 33.91% of the stock is owned by institutional investors and hedge funds.
Star Bulk Carriers Stock Up 1.7 %
Shares of NASDAQ SBLK traded up $0.25 during mid-day trading on Wednesday, reaching $14.95. 1,627,199 shares of the company traded hands, compared to its average volume of 1,675,473. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.69. Star Bulk Carriers Corp. has a fifty-two week low of $14.56 and a fifty-two week high of $27.47. The company's fifty day moving average is $17.52 and its two-hundred day moving average is $20.60. The stock has a market cap of $1.26 billion, a PE ratio of 5.05, a price-to-earnings-growth ratio of 3.95 and a beta of 0.96.
Star Bulk Carriers Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 16.05%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers's dividend payout ratio (DPR) is presently 81.08%.
Wall Street Analyst Weigh In
SBLK has been the topic of a number of recent analyst reports. DNB Markets upgraded shares of Star Bulk Carriers from a "sell" rating to a "hold" rating and boosted their price target for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. Jefferies Financial Group reissued a "buy" rating and set a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a report on Wednesday, September 4th. They set a "buy" rating and a $26.00 target price on the stock. StockNews.com raised shares of Star Bulk Carriers from a "hold" rating to a "buy" rating in a research report on Friday, December 20th. Finally, Stifel Nicolaus downgraded shares of Star Bulk Carriers from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $23.80.
Get Our Latest Stock Analysis on SBLK
Star Bulk Carriers Company Profile
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Free Report)
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.
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