Star Bulk Carriers Corp. (NASDAQ:SBLK) Short Interest Update

Star Bulk Carriers Corp. (NASDAQ:SBLK) saw a significant decline in short interest in the month of September. As of September 30th, there was short interest totalling 1,710,000 shares, a decline of 21.6% from the September 15th total of 2,180,000 shares. Based on an average daily volume of 1,660,000 shares, the short-interest ratio is presently 1.0 days.

Star Bulk Carriers Trading Down 1.9 %

NASDAQ:SBLK traded down $0.41 during midday trading on Monday, reaching $20.64. 1,381,151 shares of the stock traded hands, compared to its average volume of 1,594,832. The stock has a market capitalization of $1.73 billion, a P/E ratio of 7.59 and a beta of 0.98. Star Bulk Carriers has a 12 month low of $17.91 and a 12 month high of $27.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.34 and a current ratio of 1.51. The company has a fifty day moving average of $21.50 and a 200 day moving average of $23.46.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings data 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 return on equity of 13.58% and a net margin of 24.05%. The business had revenue of $352.88 million during the quarter, compared to analysts’ expectations of $329.38 million. During the same quarter last year, the business posted $0.47 EPS. On average, research analysts predict that Star Bulk Carriers will post 3.47 EPS for the current year.

Star Bulk Carriers Cuts Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SBLK shares. DNB Markets downgraded shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday. Deutsche Bank Aktiengesellschaft started coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target for the company. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.33.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in Star Bulk Carriers in the 2nd quarter worth about $23,212,000. Millennium Management LLC raised its holdings in shares of Star Bulk Carriers by 335.4% during the second quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock valued at $29,774,000 after purchasing an additional 940,745 shares during the last quarter. Marshall Wace LLP lifted its position in Star Bulk Carriers by 101.8% during the second quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after purchasing an additional 903,542 shares during the period. American Century Companies Inc. purchased a new stake in Star Bulk Carriers in the second quarter worth approximately $11,719,000. Finally, Encompass Capital Advisors LLC grew its position in Star Bulk Carriers by 27.5% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock worth $50,034,000 after purchasing an additional 442,860 shares during the period. Hedge funds and other 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.