Russell Investments Group Ltd. Cuts Stock Position in Star Bulk Carriers Corp. $SBLK

Russell Investments Group Ltd. cut its holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 26.1% in the first quarter, HoldingsChannel reports. The firm owned 243,509 shares of the shipping company’s stock after selling 85,833 shares during the quarter. Russell Investments Group Ltd.’s holdings in Star Bulk Carriers were worth $3,789,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SBLK. Capital Analysts LLC grew its holdings in shares of Star Bulk Carriers by 215.9% in the fourth quarter. Capital Analysts LLC now owns 2,284 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 1,561 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Star Bulk Carriers by 1,456.0% in the first quarter. GAMMA Investing LLC now owns 3,112 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 2,912 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Star Bulk Carriers in the first quarter valued at $67,000. Mountain Hill Investment Partners Corp. boosted its stake in Star Bulk Carriers by 66.7% during the first quarter. Mountain Hill Investment Partners Corp. now owns 5,000 shares of the shipping company’s stock worth $78,000 after buying an additional 2,000 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new position in Star Bulk Carriers during the first quarter worth $125,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

Star Bulk Carriers Trading Up 0.7%

NASDAQ SBLK opened at $19.12 on Friday. The company’s 50-day moving average price is $18.18 and its 200-day moving average price is $16.42. The company has a current ratio of 1.61, a quick ratio of 1.42 and a debt-to-equity ratio of 0.40. The stock has a market cap of $2.25 billion, a PE ratio of 18.21 and a beta of 0.94. Star Bulk Carriers Corp. has a 12 month low of $12.06 and a 12 month high of $23.82.

Star Bulk Carriers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Thursday, August 28th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Thursday, August 28th. Star Bulk Carriers’s payout ratio is presently 19.05%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wall Street Zen raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Jefferies Financial Group reaffirmed a “buy” rating and set a $22.00 price objective on shares of Star Bulk Carriers in a research note on Thursday, August 7th. Finally, Zacks Research raised shares of Star Bulk Carriers from a “strong sell” rating to a “hold” rating in a research note on Friday, August 15th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $22.30.

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.