Oaktree Capital Management LP Sells 338,575 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Oaktree Capital Management LP lessened its holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,373,631 shares of the shipping company's stock after selling 338,575 shares during the quarter. Star Bulk Carriers makes up approximately 1.5% of Oaktree Capital Management LP's holdings, making the stock its 16th biggest holding. Oaktree Capital Management LP owned about 6.40% of Star Bulk Carriers worth $80,336,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SBLK. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Star Bulk Carriers in the fourth quarter valued at about $28,000. Parkside Financial Bank & Trust bought a new stake in shares of Star Bulk Carriers in the 4th quarter valued at about $30,000. Steward Partners Investment Advisory LLC raised its position in shares of 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 valued at $39,000 after acquiring an additional 1,676 shares during the period. Mountain Hill Investment Partners Corp. bought a new position in Star Bulk Carriers during the 4th quarter worth approximately $45,000. Finally, Blue Trust Inc. grew its holdings in Star Bulk Carriers by 51.3% during the fourth quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company's stock valued at $46,000 after purchasing an additional 1,038 shares during the period. Institutional investors and hedge funds own 33.91% of the company's stock.

Wall Street Analysts Forecast Growth

SBLK has been the topic of a number of recent analyst reports. StockNews.com cut shares of Star Bulk Carriers from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Jefferies Financial Group reduced their target price on Star Bulk Carriers from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Star Bulk Carriers currently has an average rating of "Hold" and a consensus price target of $22.05.

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Star Bulk Carriers Stock Down 2.6 %

Shares of NASDAQ:SBLK traded down $0.42 during midday trading on Monday, reaching $15.56. 1,185,322 shares of the company were exchanged, compared to its average volume of 1,856,939. The firm has a market cap of $1.31 billion, a PE ratio of 5.42 and a beta of 1.03. Star Bulk Carriers Corp. has a fifty-two week low of $14.30 and a fifty-two week high of $27.47. The stock has a fifty day simple moving average of $15.73 and a two-hundred day simple moving average of $17.49. 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 (NASDAQ:SBLK - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.08). The firm had revenue of $308.92 million during the quarter, compared to the consensus estimate of $230.91 million. Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. As a group, sell-side analysts forecast that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.31%. The ex-dividend date was Tuesday, March 4th. Star Bulk Carriers's payout ratio is 12.54%.

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.