Oaktree Capital Management LP Reduces Stock Holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Oaktree Capital Management LP lessened its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 5.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,373,631 shares of the shipping company’s stock after selling 338,575 shares during the period. Star Bulk Carriers comprises approximately 1.5% of Oaktree Capital Management LP’s investment portfolio, making the stock its 16th biggest position. Oaktree Capital Management LP owned 6.40% of Star Bulk Carriers worth $80,336,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SBLK. Norges Bank bought a new position in shares of Star Bulk Carriers in the fourth quarter worth about $3,530,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Star Bulk Carriers during the fourth quarter valued at approximately $45,000. Oppenheimer & Close LLC purchased a new stake in shares of Star Bulk Carriers in the fourth quarter valued at approximately $505,000. Fox Run Management L.L.C. raised its position in Star Bulk Carriers by 35.1% during the 4th quarter. Fox Run Management L.L.C. now owns 44,803 shares of the shipping company’s stock valued at $670,000 after purchasing an additional 11,652 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Star Bulk Carriers during the 4th quarter worth about $1,271,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SBLK shares. Jefferies Financial Group lowered 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. StockNews.com cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $22.05.

Star Bulk Carriers Stock Performance

NASDAQ:SBLK opened at $15.98 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.50 and a current ratio of 1.65. The stock has a market capitalization of $1.34 billion, a PE ratio of 5.57 and a beta of 1.03. Star Bulk Carriers Corp. has a fifty-two week low of $14.30 and a fifty-two week high of $27.47. The company has a fifty day moving average of $15.71 and a two-hundred day moving average of $17.55.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Tuesday, February 18th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.08). The business had revenue of $308.92 million for the quarter, compared to analyst estimates of $230.91 million. Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. As a group, research analysts forecast that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.25%. The ex-dividend date was Tuesday, March 4th. Star Bulk Carriers’s payout ratio is currently 12.54%.

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.