UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys New Holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 723,400 shares of the shipping company’s stock, valued at approximately $17,137,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.86% of Star Bulk Carriers as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management raised its holdings in Star Bulk Carriers by 2.8% in the third quarter. Ritholtz Wealth Management now owns 32,630 shares of the shipping company’s stock valued at $773,000 after acquiring an additional 890 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. raised its holdings in Star Bulk Carriers by 8.5% in the second quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 16,640 shares of the shipping company’s stock valued at $406,000 after acquiring an additional 1,310 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in Star Bulk Carriers in the second quarter valued at approximately $32,000. Blue Trust Inc. raised its holdings in Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after acquiring an additional 1,328 shares in the last quarter. Finally, Avior Wealth Management LLC raised its holdings in 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 valued at $157,000 after acquiring an additional 1,385 shares in the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Stock Performance

Shares of SBLK opened at $15.98 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The firm has a market cap of $1.34 billion, a PE ratio of 5.40, a price-to-earnings-growth ratio of 4.49 and a beta of 0.96. The company’s 50 day simple moving average is $19.75 and its 200-day simple moving average is $22.00. Star Bulk Carriers Corp. has a 12-month low of $15.67 and a 12-month high of $27.47.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 15.02%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 94.59%.

Wall Street Analyst Weigh In

Several brokerages have commented on SBLK. Jefferies Financial Group reiterated a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target on the stock. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their price target for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Finally, DNB Markets upgraded shares of 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. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” 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.