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

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the recipient of a significant increase in short interest during the month of 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 trading volume of 2,190,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 6.2% of the company’s shares are short sold.

Hedge Funds Weigh In On Star Bulk Carriers

Several institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. lifted its stake in Star Bulk Carriers by 23.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 59,006 shares of the shipping company’s stock valued at $882,000 after buying an additional 11,067 shares in the last quarter. Michels Family Financial LLC bought a new stake in Star Bulk Carriers in the 4th quarter valued at $385,000. PharVision Advisers LLC acquired a new position in Star Bulk Carriers in the 4th quarter worth $162,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Star Bulk Carriers by 12.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 813,000 shares of the shipping company’s stock worth $12,154,000 after purchasing an additional 89,600 shares in the last quarter. Finally, Vident Advisory LLC raised its stake in shares of Star Bulk Carriers by 67.3% in the 4th quarter. Vident Advisory LLC now owns 22,094 shares of the shipping company’s stock valued at $330,000 after purchasing an additional 8,890 shares during the period. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SBLK. StockNews.com cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. Jefferies Financial Group dropped their price objective 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. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Star Bulk Carriers currently has a consensus rating of “Hold” and an average price target of $22.05.

Star Bulk Carriers Trading Up 0.4 %

NASDAQ: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 business’s 50 day moving average is $15.71 and its 200-day moving average is $17.55. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 5.57 and a beta of 1.03. Star Bulk Carriers has a one year low of $14.30 and a one year 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.

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

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend 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.