Glenorchy Capital Ltd Buys 3,877 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Glenorchy Capital Ltd boosted its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 19.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,208 shares of the shipping company’s stock after acquiring an additional 3,877 shares during the period. Glenorchy Capital Ltd’s holdings in Star Bulk Carriers were worth $573,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its holdings in Star Bulk Carriers by 14.4% during the first quarter. Russell Investments Group Ltd. now owns 199,760 shares of the shipping company’s stock valued at $4,768,000 after purchasing an additional 25,106 shares during the last quarter. Unison Advisors LLC bought a new position in shares of Star Bulk Carriers in the second quarter worth $794,000. Artemis Investment Management LLP grew its position in shares of Star Bulk Carriers by 112.7% in the first quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock valued at $18,915,000 after purchasing an additional 420,100 shares in the last quarter. Benson Investment Management Company Inc. bought a new stake in shares of Star Bulk Carriers during the 3rd quarter valued at $5,259,000. Finally, Fifth Lane Capital LP bought a new stake in shares of Star Bulk Carriers during the 1st quarter valued at $1,856,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Stock Up 1.1 %

Shares of NASDAQ SBLK opened at $20.40 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average of $21.43 and a 200-day moving average of $23.34. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 9.19 and a beta of 0.98. Star Bulk Carriers Corp. has a 12 month low of $17.91 and a 12 month high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The company had revenue of $352.88 million during the quarter, compared to analysts’ expectations of $329.38 million. Star Bulk Carriers had a return on equity of 13.58% and a net margin of 24.05%. During the same period in the prior year, the firm earned $0.47 EPS. Sell-side analysts expect that Star Bulk Carriers Corp. will post 3.47 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were paid a $0.70 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a yield of 13.73%. Star Bulk Carriers’s dividend payout ratio is presently 126.13%.

Wall Street Analyst Weigh In

SBLK has been the topic of a number of recent analyst reports. DNB Markets downgraded shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft began coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 target price on the stock. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.33.

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.