Avior Wealth Management LLC Boosts Holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Avior Wealth Management LLC lifted its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 26.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,641 shares of the shipping company’s stock after acquiring an additional 1,385 shares during the period. Avior Wealth Management LLC’s holdings in Star Bulk Carriers were worth $157,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in Star Bulk Carriers during the second quarter worth approximately $23,212,000. Millennium Management LLC raised its position in shares of Star Bulk Carriers by 335.4% in the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after buying an additional 940,745 shares during the period. Marshall Wace LLP boosted its holdings in Star Bulk Carriers by 101.8% in the second quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after acquiring an additional 903,542 shares during the last quarter. American Century Companies Inc. purchased a new stake in Star Bulk Carriers during the second quarter valued at about $11,719,000. Finally, Encompass Capital Advisors LLC increased its stake in Star Bulk Carriers by 27.5% during the second quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock worth $50,034,000 after acquiring an additional 442,860 shares during the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.

Star Bulk Carriers Price Performance

Shares of SBLK opened at $18.63 on Friday. Star Bulk Carriers Corp. has a 52 week low of $18.52 and a 52 week high of $27.47. The company has a current ratio of 1.69, a quick ratio of 1.34 and a debt-to-equity ratio of 0.44. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 6.29 and a beta of 1.00. The stock has a 50 day moving average of $20.72 and a 200-day moving average of $22.59.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, December 5th. This represents a $2.40 annualized dividend and a yield of 12.88%. Star Bulk Carriers’s payout ratio is 94.59%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SBLK shares. Jefferies Financial Group reissued a “buy” rating and issued a $28.00 price objective on shares of Star Bulk Carriers in a research report on Wednesday. StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Wednesday. DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price objective for the company from $19.30 to $20.20 in a research note on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target for the company. Finally, Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and cut their price objective for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

Star Bulk Carriers Company 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.