Benson Investment Management Company Inc. Takes Position in Star Bulk Carriers Corp. (NASDAQ:SBLK)

by · The Cerbat Gem

Benson Investment Management Company Inc. purchased a new position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK – Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 222,010 shares of the shipping company’s stock, valued at approximately $5,259,000. Star Bulk Carriers accounts for approximately 2.1% of Benson Investment Management Company Inc.’s holdings, making the stock its 23rd largest holding. Benson Investment Management Company Inc. owned 0.26% of Star Bulk Carriers as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SBLK. Russell Investments Group Ltd. lifted its position in Star Bulk Carriers by 14.4% during the 1st quarter. Russell Investments Group Ltd. now owns 199,760 shares of the shipping company’s stock worth $4,768,000 after acquiring an additional 25,106 shares during the period. Unison Advisors LLC purchased a new position in Star Bulk Carriers in the 2nd quarter valued at $794,000. Artemis Investment Management LLP increased its stake in Star Bulk Carriers by 112.7% in the 1st quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock valued at $18,915,000 after buying an additional 420,100 shares during the period. Fifth Lane Capital LP purchased a new position in Star Bulk Carriers during the 1st quarter worth $1,856,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Star Bulk Carriers in the 1st quarter worth $3,052,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Stock Performance

NASDAQ SBLK opened at $20.64 on Tuesday. The business’s 50-day moving average price is $21.50 and its 200 day moving average price is $23.44. The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 0.48. Star Bulk Carriers Corp. has a twelve month low of $17.91 and a twelve month high of $27.47. The company has a market capitalization of $1.73 billion, a PE ratio of 7.59 and a beta of 0.98.

Star Bulk Carriers (NASDAQ:SBLK – Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The company had revenue of $352.88 million for the quarter, compared to analysts’ expectations of $329.38 million. Star Bulk Carriers had a return on equity of 13.58% and a net margin of 24.05%. During the same period in the prior year, the business earned $0.47 EPS. On average, research analysts predict that Star Bulk Carriers Corp. will post 3.47 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Tuesday, August 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 annualized dividend and a yield of 13.57%. Star Bulk Carriers’s dividend payout ratio is currently 102.94%.

Wall Street Analysts Forecast Growth

SBLK has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target on the stock. DNB Markets cut shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a research note on Friday. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $29.33.

Check Out Our Latest Analysis on Star Bulk Carriers

Star Bulk Carriers Profile

(Free Report)

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.

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