Renaissance Technologies LLC Has $42.57 Million Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Renaissance Technologies LLC increased its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 25.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,746,070 shares of the shipping company’s stock after buying an additional 358,870 shares during the quarter. Renaissance Technologies LLC owned 2.08% of Star Bulk Carriers worth $42,569,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SBLK. Cambridge Investment Research Advisors Inc. grew its stake in shares of Star Bulk Carriers by 1.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 71,144 shares of the shipping company’s stock worth $1,698,000 after acquiring an additional 990 shares in the last quarter. FinTrust Capital Advisors LLC boosted its holdings in Star Bulk Carriers by 100.0% during the first quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock worth $48,000 after purchasing an additional 1,000 shares during the last quarter. Gilman Hill Asset Management LLC grew its position in Star Bulk Carriers by 0.3% in the first quarter. Gilman Hill Asset Management LLC now owns 404,110 shares of the shipping company’s stock valued at $9,646,000 after purchasing an additional 1,046 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its stake in Star Bulk Carriers by 8.5% in the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 16,640 shares of the shipping company’s stock valued at $406,000 after buying an additional 1,310 shares during the last quarter. Finally, Nisa Investment Advisors LLC bought a new stake in Star Bulk Carriers during the 2nd quarter worth about $32,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Stock Performance

SBLK opened at $21.04 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48. Star Bulk Carriers Corp. has a 12-month low of $17.65 and a 12-month high of $27.47. The business has a 50 day moving average of $21.78 and a 200-day moving average of $23.67. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of 9.48 and a beta of 0.97.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.01). The business had revenue of $352.88 million for the quarter, compared to analyst estimates of $329.38 million. Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. During the same period in the prior year, the business earned $0.47 EPS. On average, equities research analysts expect that Star Bulk Carriers Corp. will post 3.32 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were paid a $0.70 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a yield of 13.31%. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 126.13%.

Wall Street Analysts Forecast Growth

SBLK has been the subject of several analyst reports. StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Friday, May 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 target price on shares of Star Bulk Carriers in a research note on Thursday, May 23rd. Finally, Stifel Nicolaus upped their price target on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, May 24th.

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.