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

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the recipient of a large 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 short-interest ratio is currently 2.3 days. Currently, 6.2% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

SBLK has been the topic of a number of recent research reports. StockNews.com lowered Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Jefferies Financial Group lowered their price target on 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. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $22.05.

Institutional Trading of Star Bulk Carriers

Institutional investors have recently modified their holdings of the business. Philosophy Capital Management LLC bought a new stake in Star Bulk Carriers during the 3rd quarter valued at $24,842,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Star Bulk Carriers in the third quarter valued at $17,137,000. Barclays PLC raised its stake in shares of Star Bulk Carriers by 7,313.4% during the 3rd quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock valued at $10,784,000 after purchasing an additional 449,113 shares during the period. Praetorian PR LLC purchased a new stake in Star Bulk Carriers during the 4th quarter worth about $6,267,000. Finally, Stifel Financial Corp increased 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 valued at $16,229,000 after buying an additional 413,423 shares during the period. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Performance

NASDAQ:SBLK traded down $0.31 during trading on Monday, reaching $15.67. The company’s stock had a trading volume of 607,165 shares, compared to its average volume of 1,854,782. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 5.46 and a beta of 1.03. Star Bulk Carriers has a 12 month low of $14.30 and a 12 month high of $27.47. 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 firm has a 50 day moving average of $15.71 and a 200-day moving average of $17.53.

Star Bulk Carriers (NASDAQ:SBLK) last announced 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 net margin of 24.08% and a return on equity of 12.48%. The firm had revenue of $308.92 million for the quarter, compared to the consensus estimate of $230.91 million. Research analysts expect that Star Bulk Carriers will post 1.74 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were paid a $0.09 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.36 annualized dividend and a dividend yield of 2.30%. Star Bulk Carriers’s payout ratio is 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.