Star Bulk Carriers Corp. $SBLK Shares Sold by Oaktree Capital Management LP

Oaktree Capital Management LP decreased its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 39.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,230,527 shares of the shipping company’s stock after selling 2,143,104 shares during the period. Star Bulk Carriers makes up approximately 1.0% of Oaktree Capital Management LP’s holdings, making the stock its 24th biggest position. Oaktree Capital Management LP owned 2.75% of Star Bulk Carriers worth $55,727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SBLK. Public Employees Retirement System of Ohio raised its stake in Star Bulk Carriers by 34.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,402 shares of the shipping company’s stock valued at $59,000 after acquiring an additional 864 shares in the last quarter. Financial Gravity Companies Inc. acquired a new position in shares of Star Bulk Carriers during the second quarter valued at $139,000. Arrow Investment Advisors LLC bought a new stake in shares of Star Bulk Carriers during the second quarter valued at about $228,000. Intrua Financial LLC raised its stake in shares of Star Bulk Carriers by 49.0% during the first quarter. Intrua Financial LLC now owns 15,200 shares of the shipping company’s stock valued at $237,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Rossby Financial LCC lifted its holdings in Star Bulk Carriers by 20.0% in the second quarter. Rossby Financial LCC now owns 15,000 shares of the shipping company’s stock worth $259,000 after purchasing an additional 2,500 shares during the period. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Star Bulk Carriers Trading Up 0.4%

Shares of NASDAQ:SBLK opened at $20.50 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.56 and a current ratio of 1.72. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of 39.42 and a beta of 0.75. Star Bulk Carriers Corp. has a 1-year low of $12.06 and a 1-year high of $20.87. The company has a 50 day moving average price of $18.58 and a 200 day moving average price of $18.26.

Star Bulk Carriers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.11 per share. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.05. This represents a $0.44 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 38.46%.

Analyst Ratings Changes

SBLK has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Star Bulk Carriers in a research note on Wednesday, October 8th. Zacks Research raised Star Bulk Carriers from a “strong sell” rating to a “hold” rating in a report on Friday, August 15th. Jefferies Financial Group restated a “buy” rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research report on Wednesday, November 19th. Finally, Wall Street Zen upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $22.00.

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.