KLP Kapitalforvaltning AS Buys New Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

KLP Kapitalforvaltning AS purchased a new position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) in the 4th quarter, HoldingsChannel reports. The firm purchased 85,000 shares of the shipping company’s stock, valued at approximately $1,271,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Star Bulk Carriers during the fourth quarter worth $28,000. Parkside Financial Bank & Trust bought a new stake in Star Bulk Carriers during the fourth quarter valued at $30,000. Steward Partners Investment Advisory LLC grew its holdings in Star Bulk Carriers by 177.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,623 shares of the shipping company’s stock worth $39,000 after acquiring an additional 1,676 shares during the period. Blue Trust Inc. raised its position in shares of Star Bulk Carriers by 51.3% in the 4th quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company’s stock worth $46,000 after acquiring an additional 1,038 shares in the last quarter. Finally, Quarry LP lifted its stake in shares of Star Bulk Carriers by 39.8% in the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 673 shares during the period. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Stock Up 0.4 %

Shares of NASDAQ:SBLK opened at $15.98 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.50 and a current ratio of 1.65. Star Bulk Carriers Corp. has a 52-week low of $14.30 and a 52-week high of $27.47. The business’s 50 day simple moving average is $15.71 and its two-hundred day simple moving average is $17.55. The firm has a market cap of $1.34 billion, a P/E ratio of 5.57 and a beta of 1.03.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.08). Star Bulk Carriers had a net margin of 24.08% and a return on equity of 12.48%. The business had revenue of $308.92 million for the quarter, compared to the consensus estimate of $230.91 million. As a group, research analysts forecast that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors 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 yield of 2.25%. Star Bulk Carriers’s payout ratio is 12.54%.

Analyst Ratings Changes

Several research firms recently commented on SBLK. Jefferies Financial Group decreased their target price on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $22.05.

About Star Bulk Carriers

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.