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

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the target of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 3,030,000 shares, an increase of 26.8% from the June 30th total of 2,390,000 shares. Based on an average trading volume of 1,540,000 shares, the short-interest ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SBLK. StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Friday, May 24th. Jefferies Financial Group reissued a “buy” rating and set a $30.00 price objective on shares of Star Bulk Carriers in a research note on Thursday, May 23rd. Finally, Stifel Nicolaus lifted their target price on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, May 24th.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its stake in Star Bulk Carriers by 14.4% during the first quarter. Russell Investments Group Ltd. now owns 199,760 shares of the shipping company’s stock valued at $4,768,000 after purchasing an additional 25,106 shares in the last quarter. Marketfield Asset Management LLC increased its stake in Star Bulk Carriers by 42.9% in the 4th quarter. Marketfield Asset Management LLC now owns 172,145 shares of the shipping company’s stock worth $3,660,000 after buying an additional 51,639 shares during the period. Artemis Investment Management LLP grew its holdings in Star Bulk Carriers by 112.7% during the 1st quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock worth $18,915,000 after acquiring an additional 420,100 shares in the last quarter. Seven Eight Capital LP grew its holdings in Star Bulk Carriers by 472.3% during the 4th quarter. Seven Eight Capital LP now owns 82,364 shares of the shipping company’s stock worth $1,751,000 after acquiring an additional 67,973 shares in the last quarter. Finally, Fifth Lane Capital LP bought a new position in Star Bulk Carriers during the 1st quarter worth about $1,856,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Stock Up 0.4 %

SBLK opened at $22.89 on Friday. The firm has a 50 day moving average price of $24.88 and a 200-day moving average price of $23.91. The company has a quick ratio of 1.25, a current ratio of 1.43 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 10.31 and a beta of 0.96. Star Bulk Carriers has a twelve month low of $16.86 and a twelve month high of $27.47.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Wednesday, May 22nd. The shipping company reported $0.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.87. The company had revenue of $259.39 million during the quarter, compared to analyst estimates of $260.78 million. Star Bulk Carriers had a net margin of 20.57% and a return on equity of 12.19%. Equities research analysts forecast that Star Bulk Carriers will post 3.73 earnings per share for the current year.

Star Bulk Carriers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, June 6th were given a dividend of $0.75 per share. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 13.11%. Star Bulk Carriers’s dividend payout ratio is currently 135.14%.

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.