Adams Asset Advisors LLC Invests $1.50 Million in Star Bulk Carriers Corp. (NASDAQ:SBLK)

Adams Asset Advisors LLC acquired a new stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 100,000 shares of the shipping company’s stock, valued at approximately $1,495,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. raised its position in Star Bulk Carriers by 190.5% during the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after purchasing an additional 1,328 shares during the last quarter. Quarry LP increased its position in shares of Star Bulk Carriers by 39.8% during the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after buying an additional 673 shares during the period. Sunbelt Securities Inc. bought a new position in Star Bulk Carriers in the third quarter worth about $57,000. Point72 DIFC Ltd purchased a new stake in Star Bulk Carriers in the second quarter worth about $72,000. Finally, AM Squared Ltd purchased a new position in shares of Star Bulk Carriers during the 3rd quarter worth approximately $76,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Down 1.6 %

Shares of Star Bulk Carriers stock traded down $0.25 on Monday, reaching $15.00. The company’s stock had a trading volume of 1,063,616 shares, compared to its average volume of 1,835,141. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.07, a P/E/G ratio of 3.95 and a beta of 0.98. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. Star Bulk Carriers Corp. has a 52 week low of $14.37 and a 52 week high of $27.47. The firm’s fifty day simple moving average is $16.94 and its two-hundred day simple moving average is $20.12.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Thursday, December 5th were given a dividend of $0.60 per share. The ex-dividend date was Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a yield of 16.00%. Star Bulk Carriers’s dividend payout ratio (DPR) is 81.08%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SBLK. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their price objective for the stock from $19.30 to $20.20 in a report on Thursday, November 21st. Jefferies Financial Group reissued a “buy” rating and set a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and lowered their target price for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. Finally, StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Friday, December 20th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

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.