Short Interest in Star Bulk Carriers Corp. (NASDAQ:SBLK) Increases By 64.2%

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

Analyst Upgrades and Downgrades

SBLK has been the subject of a number of recent analyst reports. Jefferies Financial Group dropped their price target on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. StockNews.com lowered Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, 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 company. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Star Bulk Carriers in the 4th quarter valued at approximately $28,000. Parkside Financial Bank & Trust bought a new position in shares of Star Bulk Carriers during the 4th quarter worth approximately $30,000. Capital Analysts LLC raised its holdings in shares of Star Bulk Carriers by 215.9% in the fourth quarter. Capital Analysts LLC now owns 2,284 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 1,561 shares during the last quarter. Quarry LP lifted its position in shares of Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after purchasing an additional 673 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers during the third quarter worth $57,000. 33.91% of the stock is currently owned by institutional investors.

Star Bulk Carriers Trading Up 0.4 %

Shares of Star Bulk Carriers stock traded up $0.07 during trading hours on Friday, hitting $15.98. The company’s stock had a trading volume of 1,075,322 shares, compared to its average volume of 1,859,625. The company has a market capitalization of $1.34 billion, a PE 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 stock has a 50 day moving average of $15.71 and a 200 day moving average of $17.57. Star Bulk Carriers has a 12 month low of $14.30 and a 12 month high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Tuesday, February 18th. The shipping company reported $0.34 EPS 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 company had revenue of $308.92 million for the quarter, compared to analyst estimates of $230.91 million. Analysts predict that Star Bulk Carriers will post 1.74 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

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

About Star Bulk Carriers

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.