Public Employees Retirement System of Ohio Acquires New Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Public Employees Retirement System of Ohio bought a new position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 73,083 shares of the shipping company’s stock, valued at approximately $1,731,000. Public Employees Retirement System of Ohio owned 0.09% of Star Bulk Carriers as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC purchased a new position in Star Bulk Carriers in the 2nd quarter valued at approximately $32,000. Blue Trust Inc. boosted its holdings in shares of Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock worth $49,000 after acquiring an additional 1,328 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Star Bulk Carriers during the 2nd quarter valued at $54,000. Quarry LP lifted its holdings in Star Bulk Carriers by 39.8% during the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after purchasing an additional 673 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in Star Bulk Carriers in the 2nd quarter worth about $72,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK opened at $14.97 on Thursday. Star Bulk Carriers Corp. has a one year low of $14.59 and a one year high of $27.47. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.69 and a quick ratio of 1.50. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.06, a PEG ratio of 3.95 and a beta of 0.96. The company’s fifty day moving average price is $18.59 and its 200-day moving average price is $21.33.

Star Bulk Carriers Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a yield of 16.03%. Star Bulk Carriers’s payout ratio is 81.08%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. StockNews.com cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 target price on the stock. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price target for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their price objective for the stock from $19.30 to $20.20 in a research report on Thursday, November 21st. Finally, Jefferies Financial Group restated a “buy” rating and set a $28.00 target price on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $23.80.

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.