Artemis Investment Management LLP Reduces Stock Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Artemis Investment Management LLP trimmed its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 19.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 825,102 shares of the shipping company’s stock after selling 200,700 shares during the period. Artemis Investment Management LLP owned about 0.98% of Star Bulk Carriers worth $19,547,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SBLK. SG Americas Securities LLC purchased a new position in shares of Star Bulk Carriers during the third quarter valued at approximately $336,000. Point72 DIFC Ltd purchased a new position in shares of Star Bulk Carriers during the 2nd quarter worth $72,000. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group boosted its holdings in shares of Star Bulk Carriers by 34.1% during the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 295,000 shares of the shipping company’s stock worth $7,192,000 after purchasing an additional 75,000 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Star Bulk Carriers in the second quarter valued at $754,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Star Bulk Carriers in the second quarter valued at $1,585,000. 33.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft started coverage on 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.

Star Bulk Carriers Stock Performance

NASDAQ:SBLK opened at $21.95 on Wednesday. Star Bulk Carriers Corp. has a fifty-two week low of $17.91 and a fifty-two week high of $27.47. The firm’s 50 day moving average is $21.54 and its two-hundred day moving average is $23.54. The company has a market cap of $1.84 billion, a P/E ratio of 9.89 and a beta of 0.98. 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 (NASDAQ:SBLK) last issued its earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The firm had revenue of $352.88 million during 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 quarter in the previous year, the business posted $0.47 EPS. Analysts expect that Star Bulk Carriers Corp. will post 3.32 EPS for the current year.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 12.76%. The ex-dividend date was Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 126.13%.

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.