Point72 Asset Management L.P. Buys 21,313 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Point72 Asset Management L.P. raised its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 154.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,113 shares of the shipping company’s stock after acquiring an additional 21,313 shares during the period. Point72 Asset Management L.P.’s holdings in Star Bulk Carriers were worth $856,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Nisa Investment Advisors LLC acquired a new position in shares of Star Bulk Carriers in the second quarter valued at $32,000. Atlas Capital Advisors LLC acquired a new stake in shares of Star Bulk Carriers during the 1st quarter valued at about $36,000. FinTrust Capital Advisors LLC increased its stake in Star Bulk Carriers by 100.0% in the first quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock valued at $48,000 after acquiring an additional 1,000 shares during the period. Creekmur Asset Management LLC acquired a new position in Star Bulk Carriers in the fourth quarter worth about $50,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Star Bulk Carriers during the second quarter worth about $54,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Trading Down 0.0 %

Shares of Star Bulk Carriers stock opened at $22.89 on Friday. Star Bulk Carriers Corp. has a 12-month low of $17.91 and a 12-month high of $27.47. The stock has a market capitalization of $1.92 billion, a P/E ratio of 10.31 and a beta of 0.97. The company has a 50-day simple moving average of $21.56 and a 200 day simple moving average of $23.57. 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 (NASDAQ:SBLK) last posted its earnings results 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 during 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 last year, the firm posted $0.47 EPS. Research analysts expect that Star Bulk Carriers Corp. will post 3.32 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 12.23%. The ex-dividend date was Tuesday, August 27th. Star Bulk Carriers’s payout ratio is presently 126.13%.

Wall Street Analyst Weigh In

Separately, Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective on the stock.

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.