Verition Fund Management LLC decreased its position in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 84.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,559 shares of the shipping company's stock after selling 89,904 shares during the quarter. Verition Fund Management LLC's holdings in Star Bulk Carriers were worth $392,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in SBLK. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Star Bulk Carriers during the third quarter valued at $17,137,000. FMR LLC increased its holdings in shares of Star Bulk Carriers by 229.6% during the third quarter. FMR LLC now owns 404,196 shares of the shipping company's stock valued at $9,575,000 after acquiring an additional 281,552 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Star Bulk Carriers by 696.9% in the 3rd quarter. Larson Financial Group LLC now owns 6,845 shares of the shipping company's stock worth $162,000 after purchasing an additional 5,986 shares during the last quarter. Navellier & Associates Inc. bought a new position in Star Bulk Carriers in the 3rd quarter worth about $892,000. Finally, Moors & Cabot Inc. grew its position in Star Bulk Carriers by 142.1% during the 3rd quarter. Moors & Cabot Inc. now owns 35,396 shares of the shipping company's stock valued at $839,000 after purchasing an additional 20,775 shares during the last quarter. Hedge funds and other institutional investors own 33.91% of the company's stock.
Analysts Set New Price Targets
Several research analysts have issued reports on SBLK shares. StockNews.com cut shares of Star Bulk Carriers from a "buy" rating to a "hold" rating in a report on Thursday. DNB Markets raised Star Bulk Carriers from a "sell" rating to a "hold" rating and upped their price target for the company from $19.30 to $20.20 in a report on Thursday, November 21st. Deutsche Bank Aktiengesellschaft started coverage on Star Bulk Carriers in a report on Wednesday, September 4th. They issued a "buy" rating and a $26.00 price objective for the company. Stifel Nicolaus cut shares of Star Bulk Carriers from a "buy" rating to a "hold" rating and lowered their target price for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $23.80.
View Our Latest Stock Analysis on SBLK
Star Bulk Carriers Stock Performance
Shares of SBLK stock traded down $0.30 during mid-day trading on Friday, reaching $15.15. 2,368,266 shares of the company's stock traded hands, compared to its average volume of 1,663,850. Star Bulk Carriers Corp. has a 12 month low of $15.06 and a 12 month high of $27.47. The firm has a 50 day moving average price of $19.16 and a two-hundred day moving average price of $21.71. The firm has a market capitalization of $1.27 billion, a PE ratio of 5.13, a price-to-earnings-growth ratio of 4.04 and a beta of 0.96. 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 Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 15.84%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers's dividend payout ratio (DPR) is currently 81.08%.
About Star Bulk Carriers
(
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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