Ramirez Asset Management Inc. Sells 45,400 Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK)

Ramirez Asset Management Inc. decreased its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 9.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 424,288 shares of the shipping company’s stock after selling 45,400 shares during the quarter. Star Bulk Carriers accounts for 1.3% of Ramirez Asset Management Inc.’s portfolio, making the stock its 18th largest position. Ramirez Asset Management Inc. owned about 0.50% of Star Bulk Carriers worth $6,343,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Star Bulk Carriers in the 4th quarter worth $28,000. Parkside Financial Bank & Trust purchased a new stake in shares of Star Bulk Carriers during the fourth quarter valued at $30,000. Quarry LP increased its holdings in Star Bulk Carriers by 39.8% in the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after buying an additional 673 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in Star Bulk Carriers in the 3rd quarter worth about $57,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in Star Bulk Carriers by 177.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,623 shares of the shipping company’s stock valued at $39,000 after acquiring an additional 1,676 shares during the period. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Stock Down 1.3 %

NASDAQ SBLK opened at $15.91 on Friday. Star Bulk Carriers Corp. has a 12 month low of $14.30 and a 12 month high of $27.47. The company has a current ratio of 1.65, a quick ratio of 1.50 and a debt-to-equity ratio of 0.42. The stock has a market cap of $1.34 billion, a PE ratio of 5.54 and a beta of 1.03. The stock’s 50 day moving average is $15.69 and its 200 day moving average is $17.60.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Tuesday, February 18th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.08). Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. The company had revenue of $308.92 million during the quarter, compared to analysts’ expectations of $230.91 million. Research analysts predict that Star Bulk Carriers Corp. will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Tuesday, March 4th. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 12.54%.

Wall Street Analyst Weigh In

A number of research firms recently commented on SBLK. StockNews.com cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Jefferies Financial Group dropped their price target on shares of Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $22.05.

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.