Geode Capital Management LLC Buys 104,439 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Geode Capital Management LLC lifted its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 22.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 561,713 shares of the shipping company's stock after purchasing an additional 104,439 shares during the quarter. Geode Capital Management LLC owned approximately 0.67% of Star Bulk Carriers worth $8,398,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SBLK. Headlands Technologies LLC increased its stake in Star Bulk Carriers by 21.1% in the fourth quarter. Headlands Technologies LLC now owns 48,011 shares of the shipping company's stock valued at $718,000 after acquiring an additional 8,376 shares during the period. Franklin Resources Inc. raised its holdings in shares of Star Bulk Carriers by 161.0% in the 4th quarter. Franklin Resources Inc. now owns 52,512 shares of the shipping company's stock worth $785,000 after buying an additional 32,392 shares in the last quarter. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Star Bulk Carriers in the 4th quarter worth approximately $2,743,000. Norges Bank bought a new position in shares of Star Bulk Carriers during the 4th quarter worth approximately $3,530,000. Finally, Mountain Hill Investment Partners Corp. acquired a new stake in Star Bulk Carriers in the 4th quarter valued at $45,000. 33.91% of the stock is currently owned by institutional investors.

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK traded up $0.04 during midday trading on Friday, reaching $14.49. The company's stock had a trading volume of 646,749 shares, compared to its average volume of 1,859,186. The business's fifty day simple moving average is $15.09 and its 200-day simple moving average is $16.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.65 and a quick ratio of 1.50. Star Bulk Carriers Corp. has a fifty-two week low of $12.06 and a fifty-two week high of $27.47. The company has a market capitalization of $1.70 billion, a P/E ratio of 5.05 and a beta of 0.77.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.08). Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. The company had revenue of $308.92 million during the quarter, compared to the consensus estimate of $230.91 million. As a group, equities research analysts expect that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were given a $0.09 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.36 dividend on an annualized basis and a yield of 2.48%. Star Bulk Carriers's payout ratio is 12.54%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. StockNews.com cut Star Bulk Carriers from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Jefferies Financial Group cut their price target on shares of Star Bulk Carriers from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Star Bulk Carriers presently has an average rating of "Hold" and an average target price of $22.05.

Star Bulk Carriers Company 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.