DnB Asset Management AS Trims Stake in Star Bulk Carriers Corp. (NASDAQ:SBLK)

DnB Asset Management AS lowered its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 37.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 895,218 shares of the shipping company's stock after selling 535,825 shares during the period. DnB Asset Management AS owned approximately 1.07% of Star Bulk Carriers worth $13,384,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Norges Bank purchased a new position in Star Bulk Carriers during the 4th quarter worth $3,530,000. Mountain Hill Investment Partners Corp. acquired a new stake in Star Bulk Carriers in the fourth quarter valued at about $45,000. Oppenheimer & Close LLC acquired a new stake in Star Bulk Carriers in the fourth quarter valued at about $505,000. Fox Run Management L.L.C. boosted its holdings in Star Bulk Carriers by 35.1% in the 4th quarter. Fox Run Management L.L.C. now owns 44,803 shares of the shipping company's stock valued at $670,000 after purchasing an additional 11,652 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Star Bulk Carriers during the 4th quarter worth approximately $1,271,000. Hedge funds and other institutional investors own 33.91% of the company's stock.

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK traded down $0.42 during trading on Monday, hitting $15.56. 1,185,322 shares of the stock were exchanged, compared to its average volume of 1,856,939. Star Bulk Carriers Corp. has a 12-month low of $14.30 and a 12-month high of $27.47. The company has a market cap of $1.31 billion, a PE ratio of 5.42 and a beta of 1.03. The company has a fifty day moving average price of $15.73 and a two-hundred day moving average price of $17.49. The company has a current ratio of 1.65, a quick ratio of 1.50 and a debt-to-equity ratio of 0.42.

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

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed 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 of this dividend was Tuesday, March 4th. This represents a $0.36 dividend on an annualized basis and a yield of 2.31%. Star Bulk Carriers's payout ratio is 12.54%.

Wall Street Analyst Weigh In

SBLK has been the subject of several recent analyst reports. Jefferies Financial Group reduced their price target on Star Bulk Carriers from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. StockNews.com downgraded Star Bulk Carriers from a "buy" rating to a "hold" rating in a report on Thursday, January 23rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $22.05.

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.