Geode Capital Management LLC Acquires 357,720 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Geode Capital Management LLC increased its holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 359.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 457,274 shares of the shipping company’s stock after purchasing an additional 357,720 shares during the quarter. Geode Capital Management LLC owned approximately 0.54% of Star Bulk Carriers worth $10,833,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SBLK. Blue Trust Inc. lifted 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 buying an additional 1,328 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Star Bulk Carriers during the second quarter worth about $54,000. Quarry LP lifted its stake in shares of Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after acquiring an additional 673 shares during the period. Point72 DIFC Ltd bought a new stake in Star Bulk Carriers in the second quarter valued at approximately $72,000. Finally, AM Squared Ltd acquired a new stake in Star Bulk Carriers during the 3rd quarter valued at approximately $76,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Star Bulk Carriers Trading Up 1.7 %

NASDAQ:SBLK opened at $14.95 on Wednesday. The firm has a fifty day simple moving average of $17.60 and a two-hundred day simple moving average of $20.64. Star Bulk Carriers Corp. has a 12 month low of $14.56 and a 12 month high of $27.47. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.05, a PEG ratio of 3.95 and a beta of 0.96. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Thursday, December 5th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 16.05%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

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.