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

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the target of a large 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 trading volume, of 1,640,000 shares, the short-interest ratio is presently 1.3 days.

Analyst Upgrades and Downgrades

Separately, Deutsche Bank Aktiengesellschaft began 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.

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK opened at $23.54 on Friday. 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 stock has a market cap of $1.98 billion, a P/E ratio of 10.60 and a beta of 0.97. The company has a 50 day moving average of $21.58 and a 200 day moving average of $23.59.

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 return on equity of 13.58% and a net margin of 24.05%. The firm had revenue of $352.88 million during the quarter, compared to the consensus estimate of $329.38 million. During the same period in the previous year, the company posted $0.47 EPS. As a group, sell-side analysts forecast that Star Bulk Carriers will post 3.32 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders 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 payout ratio is currently 126.13%.

Institutional Trading of Star Bulk Carriers

A number of large investors have recently modified their holdings of the business. Encompass Capital Advisors LLC raised its stake in Star Bulk Carriers by 27.5% in the second quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock valued at $50,034,000 after purchasing an additional 442,860 shares in the last quarter. Marshall Wace LLP raised its position in shares of Star Bulk Carriers by 101.8% during the 2nd quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after buying an additional 903,542 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Star Bulk Carriers by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock worth $42,569,000 after acquiring an additional 358,870 shares during the last quarter. Millennium Management LLC grew its position in Star Bulk Carriers by 335.4% in the second quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after acquiring an additional 940,745 shares in the last quarter. Finally, Artemis Investment Management LLP increased its stake in Star Bulk Carriers by 29.4% in the second quarter. Artemis Investment Management LLP now owns 1,025,802 shares of the shipping company’s stock valued at $25,009,000 after acquiring an additional 233,000 shares during the last quarter. 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.