UBS Group AG cut its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK – Free Report) by 49.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 915,978 shares of the shipping company’s stock after selling 893,724 shares during the quarter. UBS Group AG’s holdings in Star Bulk Carriers were worth $17,605,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the business. Alliancebernstein L.P. increased its holdings in shares of Star Bulk Carriers by 44.6% during the third quarter. Alliancebernstein L.P. now owns 5,446,191 shares of the shipping company’s stock worth $101,245,000 after purchasing an additional 1,681,036 shares during the period. Mirabella Financial Services LLP bought a new position in shares of Star Bulk Carriers during the third quarter worth approximately $73,967,000. Ameriprise Financial Inc. increased its holdings in shares of Star Bulk Carriers by 33.2% during the third quarter. Ameriprise Financial Inc. now owns 2,166,892 shares of the shipping company’s stock worth $40,283,000 after purchasing an additional 539,567 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Star Bulk Carriers by 59.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,298,436 shares of the shipping company’s stock worth $20,204,000 after purchasing an additional 485,436 shares during the period. Finally, Focus Partners Wealth increased its holdings in shares of Star Bulk Carriers by 4.4% during the third quarter. Focus Partners Wealth now owns 998,094 shares of the shipping company’s stock worth $18,555,000 after purchasing an additional 42,522 shares during the period. 33.91% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Star Bulk Carriers news, COO Nikolaos Reskos sold 8,406 shares of Star Bulk Carriers stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $25.05, for a total value of $210,570.30. Following the completion of the sale, the chief operating officer directly owned 440,878 shares of the company’s stock, valued at approximately $11,043,993.90. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Star Bulk Carriers Price Performance
Star Bulk Carriers (NASDAQ:SBLK – Get Free Report) last announced its earnings results on Wednesday, February 25th. The shipping company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Star Bulk Carriers had a net margin of 8.07% and a return on equity of 3.89%. The business had revenue of $230.79 million during the quarter, compared to the consensus estimate of $250.51 million. On average, sell-side analysts forecast that Star Bulk Carriers Corp. will post 3.85 EPS for the current year.
Star Bulk Carriers Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 5.4%. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Monday, March 9th. Star Bulk Carriers’s payout ratio is presently 202.74%.
Analyst Ratings Changes
SBLK has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 18th. Jefferies Financial Group started coverage on shares of Star Bulk Carriers in a research note on Friday, April 24th. They set a “buy” rating and a $29.00 price target for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a research note on Friday, March 27th. Finally, Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Star Bulk Carriers currently has a consensus rating of “Buy” and an average price target of $29.00.
Check Out Our Latest Stock Analysis on Star Bulk Carriers
About Star Bulk Carriers
Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.
The company’s vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.
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