Star Bulk Carriers Corp. (NASDAQ:SBLK) Short Interest Down 14.5% in September

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 2,180,000 shares, a decline of 14.5% from the August 31st total of 2,550,000 shares. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is currently 1.3 days.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft started coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective for the company.

Institutional Investors Weigh In On Star Bulk Carriers

Several hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in shares of Star Bulk Carriers by 39.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,214 shares of the shipping company’s stock worth $6,064,000 after purchasing an additional 80,406 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Star Bulk Carriers by 17.4% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 70,154 shares of the shipping company’s stock worth $1,491,000 after acquiring an additional 10,407 shares in the last quarter. Armor Advisors L.L.C. increased its position in shares of Star Bulk Carriers by 56.1% during the fourth quarter. Armor Advisors L.L.C. now owns 133,576 shares of the shipping company’s stock worth $2,840,000 after acquiring an additional 48,000 shares during the period. Seven Eight Capital LP raised its stake in shares of Star Bulk Carriers by 472.3% during the fourth quarter. Seven Eight Capital LP now owns 82,364 shares of the shipping company’s stock valued at $1,751,000 after acquiring an additional 67,973 shares in the last quarter. Finally, Capital Fund Management S.A. boosted its holdings in shares of Star Bulk Carriers by 1.7% in the fourth quarter. Capital Fund Management S.A. now owns 257,665 shares of the shipping company’s stock valued at $5,478,000 after purchasing an additional 4,224 shares during the period. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Down 0.6 %

Shares of SBLK opened at $23.54 on Monday. Star Bulk Carriers has a 12-month low of $17.91 and a 12-month high of $27.47. The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.98 billion, a PE ratio of 10.60 and a beta of 0.97. The business’s 50 day moving average is $21.58 and its 200 day moving average is $23.58.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. The firm had revenue of $352.88 million for the quarter, compared to analysts’ expectations of $329.38 million. During the same quarter in the prior year, the business earned $0.47 EPS. Research analysts expect that Star Bulk Carriers will post 3.32 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 annualized dividend and a dividend yield of 11.89%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 126.13%.

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.