Moors & Cabot Inc. Has $356,000 Holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Moors & Cabot Inc. lessened its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 43.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,621 shares of the shipping company’s stock after selling 11,379 shares during the quarter. Moors & Cabot Inc.’s holdings in Star Bulk Carriers were worth $356,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its stake in Star Bulk Carriers by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock valued at $42,569,000 after acquiring an additional 358,870 shares in the last quarter. Artemis Investment Management LLP increased its stake in Star Bulk Carriers by 29.4% in the 2nd quarter. Artemis Investment Management LLP now owns 1,025,802 shares of the shipping company’s stock valued at $25,009,000 after buying an additional 233,000 shares during the period. Bank of New York Mellon Corp purchased a new stake in Star Bulk Carriers in the 2nd quarter worth approximately $23,212,000. American Century Companies Inc. acquired a new stake in shares of Star Bulk Carriers during the 2nd quarter valued at $11,719,000. Finally, Gilman Hill Asset Management LLC grew its holdings in shares of Star Bulk Carriers by 0.3% during the 1st quarter. Gilman Hill Asset Management LLC now owns 404,110 shares of the shipping company’s stock valued at $9,646,000 after acquiring an additional 1,046 shares in the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

Star Bulk Carriers Stock Down 1.1 %

Star Bulk Carriers stock opened at $21.59 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34. Star Bulk Carriers Corp. has a fifty-two week low of $17.65 and a fifty-two week high of $27.47. The firm has a fifty day moving average price of $21.69 and a two-hundred day moving average price of $23.64. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 9.73 and a beta of 0.97.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. The business had revenue of $352.88 million during the quarter, compared to analyst estimates of $329.38 million. During the same period last year, the business earned $0.47 EPS. As a group, analysts forecast 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 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 12.97%. The ex-dividend date of this dividend was Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 126.13%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SBLK shares. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective for the company. Stifel Nicolaus increased their price objective on Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, May 24th. Finally, StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Friday, May 24th.

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.