Oppenheimer & Close LLC Makes New Investment in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Oppenheimer & Close LLC acquired a new stake in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 33,800 shares of the shipping company's stock, valued at approximately $505,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Star Bulk Carriers during the fourth quarter worth about $28,000. Parkside Financial Bank & Trust purchased a new position in shares of Star Bulk Carriers during the 4th quarter worth approximately $30,000. Steward Partners Investment Advisory LLC increased its holdings 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 valued at $39,000 after purchasing an additional 1,676 shares during the last quarter. Blue Trust Inc. increased its holdings in Star Bulk Carriers by 51.3% in the 4th 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 last quarter. Finally, Quarry LP raised its position in Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company's stock valued at $56,000 after purchasing an additional 673 shares during the period. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Down 1.3 %

Shares of NASDAQ SBLK traded down $0.21 during mid-day trading on Thursday, hitting $15.91. The company had a trading volume of 1,548,454 shares, compared to its average volume of 1,829,852. The company has a market capitalization of $1.34 billion, a PE ratio of 5.54 and a beta of 1.03. The business's 50-day simple moving average is $15.69 and its 200 day simple moving average is $17.60. Star Bulk Carriers Corp. has a 1-year low of $14.30 and a 1-year high of $27.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.65 and a quick ratio of 1.50.

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Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.08). The company had revenue of $308.92 million during the quarter, compared to analyst estimates of $230.91 million. Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. On average, analysts predict 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 declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were paid 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 2.26%. Star Bulk Carriers's dividend payout ratio is currently 12.54%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SBLK shares. StockNews.com cut Star Bulk Carriers from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Jefferies Financial Group dropped their target price on Star Bulk Carriers from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus 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.