Geode Capital Management LLC Has $10.83 Million Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Geode Capital Management LLC raised its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 359.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 457,274 shares of the shipping company’s stock after purchasing an additional 357,720 shares during the quarter. Geode Capital Management LLC’s holdings in Star Bulk Carriers were worth $10,833,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Quarry LP grew its holdings in shares of Star Bulk Carriers by 39.8% during the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after buying an additional 673 shares during the last quarter. Ritholtz Wealth Management boosted its stake in Star Bulk Carriers by 2.8% during the 3rd quarter. Ritholtz Wealth Management now owns 32,630 shares of the shipping company’s stock valued at $773,000 after purchasing an additional 890 shares during the last quarter. Blue Trust Inc. increased its holdings in Star Bulk Carriers by 190.5% during the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock worth $49,000 after purchasing an additional 1,328 shares in the last quarter. Avior Wealth Management LLC raised its stake in shares of Star Bulk Carriers by 26.4% in the third quarter. Avior Wealth Management LLC now owns 6,641 shares of the shipping company’s stock worth $157,000 after purchasing an additional 1,385 shares during the last quarter. Finally, Private Advisor Group LLC lifted its holdings in shares of Star Bulk Carriers by 22.1% in the third quarter. Private Advisor Group LLC now owns 11,882 shares of the shipping company’s stock valued at $281,000 after purchasing an additional 2,152 shares in the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Price Performance

SBLK opened at $14.95 on Wednesday. Star Bulk Carriers Corp. has a fifty-two week low of $14.56 and a fifty-two week high of $27.47. The firm has a 50-day moving average of $17.60 and a 200 day moving average of $20.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.69. The firm has a market cap of $1.26 billion, a P/E ratio of 5.05, a PEG ratio of 3.95 and a beta of 0.96.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th were paid a dividend of $0.60 per share. The ex-dividend date was Thursday, December 5th. This represents a $2.40 annualized dividend and a dividend yield of 16.05%. Star Bulk Carriers’s payout ratio is currently 81.08%.

Wall Street Analysts Forecast Growth

SBLK has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target for the company. Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and cut their price target for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reiterated a “buy” rating and issued a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. DNB Markets raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their target price for the stock from $19.30 to $20.20 in a research report on Thursday, November 21st. Finally, StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Friday, December 20th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.80.

Star Bulk Carriers 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.