Charles Schwab Investment Management Inc. Has $3.86 Million Stake in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Charles Schwab Investment Management Inc. lowered its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 32.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 163,103 shares of the shipping company’s stock after selling 79,783 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Star Bulk Carriers were worth $3,864,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates increased its stake in shares of Star Bulk Carriers by 40.2% in the 2nd quarter. Raymond James & Associates now owns 55,881 shares of the shipping company’s stock valued at $1,362,000 after buying an additional 16,022 shares during the period. Nisa Investment Advisors LLC bought a new stake in Star Bulk Carriers during the 2nd quarter worth about $32,000. Dakota Wealth Management raised its holdings in Star Bulk Carriers by 159.3% during the 2nd quarter. Dakota Wealth Management now owns 80,154 shares of the shipping company’s stock worth $1,954,000 after purchasing an additional 49,244 shares during the last quarter. Institute for Wealth Management LLC. lifted its position in Star Bulk Carriers by 22.9% during the 2nd quarter. Institute for Wealth Management LLC. now owns 16,822 shares of the shipping company’s stock valued at $410,000 after purchasing an additional 3,132 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Star Bulk Carriers in the 2nd quarter valued at about $23,212,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Trading Down 1.9 %

SBLK opened at $15.15 on Friday. The firm’s fifty day moving average is $19.01 and its two-hundred day moving average is $21.59. The firm has a market cap of $1.27 billion, a PE ratio of 5.12, a price-to-earnings-growth ratio of 4.04 and a beta of 0.96. Star Bulk Carriers Corp. has a twelve month low of $15.06 and a twelve month high of $27.47. 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 15.84%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s payout ratio is presently 81.08%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their price target for the company from $19.30 to $20.20 in a research note on Thursday, November 21st. Stifel Nicolaus lowered Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price target for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated 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. Finally, Jefferies Financial Group restated a “buy” rating and set a $28.00 target price on shares of Star Bulk Carriers in a report on Wednesday, November 20th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.80.

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.