Star Bulk Carriers Corp. (NASDAQ:SBLK) Sees Large Increase in Short Interest

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 5,140,000 shares, a growth of 64.2% from the February 28th total of 3,130,000 shares. Based on an average daily volume of 2,190,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 6.2% of the shares of the company are short sold.

Wall Street Analyst Weigh In

SBLK has been the topic of several analyst reports. Jefferies Financial Group lowered their price target on shares of Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $22.05.

Star Bulk Carriers Price Performance

Shares of SBLK traded up $0.07 during trading hours on Friday, hitting $15.98. The stock had a trading volume of 1,075,322 shares, compared to its average volume of 1,859,625. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 5.57 and a beta of 1.03. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.65 and a quick ratio of 1.50. The company’s fifty day moving average is $15.71 and its two-hundred day moving average is $17.55. Star Bulk Carriers has a 52 week low of $14.30 and a 52 week high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK) last issued its quarterly earnings data on Tuesday, February 18th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.08). Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. The firm had revenue of $308.92 million for the quarter, compared to the consensus estimate of $230.91 million. On average, analysts anticipate that Star Bulk Carriers will post 1.74 EPS for the current year.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.36 dividend on an annualized basis and a yield of 2.25%. Star Bulk Carriers’s dividend payout ratio is 12.54%.

Hedge Funds Weigh In On Star Bulk Carriers

Several institutional investors have recently bought and sold shares of the business. Philosophy Capital Management LLC acquired a new stake in shares of Star Bulk Carriers in the third quarter valued at $24,842,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Star Bulk Carriers during the 3rd quarter worth about $17,137,000. Barclays PLC increased its position in Star Bulk Carriers by 7,313.4% in the 3rd quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock valued at $10,784,000 after acquiring an additional 449,113 shares in the last quarter. Praetorian PR LLC bought a new position in shares of Star Bulk Carriers in the fourth quarter worth about $6,267,000. Finally, Stifel Financial Corp lifted its position in shares of Star Bulk Carriers by 152.2% during the third quarter. Stifel Financial Corp now owns 685,053 shares of the shipping company’s stock worth $16,229,000 after purchasing an additional 413,423 shares in the last quarter. Institutional investors own 33.91% of the company’s stock.

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.