Star Bulk Carriers Corp. (NASDAQ:SBLK) Holdings Raised by Essex Financial Services Inc.

Essex Financial Services Inc. lifted its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 31.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,451 shares of the shipping company’s stock after purchasing an additional 8,390 shares during the quarter. Essex Financial Services Inc.’s holdings in Star Bulk Carriers were worth $864,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp bought a new stake in Star Bulk Carriers in the second quarter worth about $23,212,000. Grand Alliance Asset Management Ltd purchased a new position in Star Bulk Carriers in the 4th quarter worth about $12,756,000. Artemis Investment Management LLP increased its stake in Star Bulk Carriers by 112.7% in the 1st quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock worth $18,915,000 after purchasing an additional 420,100 shares in the last quarter. DNB Asset Management AS purchased a new position in Star Bulk Carriers in the 2nd quarter worth about $9,694,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Star Bulk Carriers in the 1st quarter worth about $7,814,000. 33.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SBLK. Stifel Nicolaus lifted their target price on Star Bulk Carriers from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, May 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 target price on shares of Star Bulk Carriers in a research note on Thursday, May 23rd. Finally, StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Friday, May 24th.

Star Bulk Carriers Stock Up 0.2 %

Shares of SBLK stock opened at $21.37 on Monday. The firm has a market cap of $1.80 billion, a PE ratio of 9.63 and a beta of 0.96. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48. Star Bulk Carriers Corp. has a 12 month low of $17.12 and a 12 month high of $27.47. The stock has a 50 day moving average of $22.76 and a 200-day moving average of $23.89.

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

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 13.10%. The ex-dividend date is Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio is presently 126.13%.

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.