Oaktree Capital Management LP Reduces Stock Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Oaktree Capital Management LP reduced its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 5.9% in the 4th quarter, HoldingsChannel reports. The fund owned 5,373,631 shares of the shipping company’s stock after selling 338,575 shares during the quarter. Star Bulk Carriers accounts for approximately 1.5% of Oaktree Capital Management LP’s investment portfolio, making the stock its 16th biggest holding. Oaktree Capital Management LP owned 0.06% of Star Bulk Carriers worth $80,336,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC increased its stake in Star Bulk Carriers by 229.6% in the third quarter. FMR LLC now owns 404,196 shares of the shipping company’s stock valued at $9,575,000 after purchasing an additional 281,552 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Star Bulk Carriers in the 3rd quarter valued at about $17,137,000. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Star Bulk Carriers by 89.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 35,400 shares of the shipping company’s stock valued at $839,000 after purchasing an additional 16,700 shares during the period. Millburn Ridgefield Corp purchased a new position in Star Bulk Carriers during the 3rd quarter worth approximately $187,000. Finally, Philosophy Capital Management LLC purchased a new stake in Star Bulk Carriers in the third quarter valued at approximately $24,842,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Stock Up 0.4 %

Shares of Star Bulk Carriers stock opened at $15.98 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.65 and a quick ratio of 1.50. Star Bulk Carriers Corp. has a 1-year low of $14.30 and a 1-year high of $27.47. The business has a 50-day moving average of $15.71 and a 200-day moving average of $17.55. The company has a market capitalization of $1.34 billion, a PE ratio of 5.57 and a beta of 1.03.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $308.92 million during the quarter, compared to the consensus estimate of $230.91 million. As a group, equities analysts forecast that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were given a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.36 annualized dividend and a dividend yield of 2.25%. Star Bulk Carriers’s payout ratio is 12.54%.

Analysts Set New Price Targets

SBLK has been the subject of several research reports. StockNews.com downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Jefferies Financial Group dropped their price target on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price 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.