Gilman Hill Asset Management LLC Lowers Stake in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Gilman Hill Asset Management LLC trimmed its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 21.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 319,098 shares of the shipping company’s stock after selling 88,607 shares during the quarter. Gilman Hill Asset Management LLC’s holdings in Star Bulk Carriers were worth $4,771,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Philosophy Capital Management LLC purchased a new position in Star Bulk Carriers in the third quarter valued at about $24,842,000. 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 valued at $29,774,000 after purchasing an additional 940,745 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Star Bulk Carriers by 101.8% during the 2nd quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after buying an additional 903,542 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Star Bulk Carriers during the third quarter worth approximately $17,137,000. Finally, American Century Companies Inc. acquired a new stake in shares of Star Bulk Carriers during the second quarter worth approximately $11,719,000. 33.91% of the stock is owned by institutional investors and hedge funds.

Star Bulk Carriers Stock Performance

NASDAQ:SBLK opened at $14.68 on Monday. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The company has a 50-day moving average of $16.47 and a 200-day moving average of $19.78. Star Bulk Carriers Corp. has a twelve month low of $14.37 and a twelve month high of $27.47. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 4.96, a price-to-earnings-growth ratio of 4.57 and a beta of 0.98.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 16.35%. The ex-dividend date of this dividend was Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SBLK. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reiterated a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and upped their price objective for the company from $19.30 to $20.20 in a research note on Thursday, November 21st. Finally, StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Friday, December 20th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average 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.