Short Interest in Star Bulk Carriers Corp. (NASDAQ:SBLK) Decreases By 21.6%

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. DNB Markets cut shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a research report on Friday. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.33.

Star Bulk Carriers Stock Performance

SBLK traded down $0.71 during midday trading on Tuesday, hitting $19.93. 2,713,358 shares of the company traded hands, compared to its average volume of 1,600,444. The firm has a market capitalization of $1.67 billion, a PE ratio of 7.42 and a beta of 0.98. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48. Star Bulk Carriers has a 52 week low of $17.91 and a 52 week high of $27.47. The company’s 50-day moving average is $21.50 and its 200 day moving average is $23.44.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The firm had revenue of $352.88 million for the quarter, compared to analysts’ expectations of $329.38 million. Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. During the same quarter last year, the firm posted $0.47 EPS. On average, research analysts expect that Star Bulk Carriers will post 3.47 EPS for the current year.

Star Bulk Carriers Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were paid a dividend of $0.70 per share. 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 14.05%. Star Bulk Carriers’s dividend payout ratio is presently 102.94%.

Hedge Funds Weigh In On Star Bulk Carriers

A number of large investors have recently bought and sold shares of the business. Encompass Capital Advisors LLC lifted its holdings in Star Bulk Carriers by 27.5% during the second quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock worth $50,034,000 after buying an additional 442,860 shares during the period. Marshall Wace LLP lifted its holdings in shares of Star Bulk Carriers by 101.8% in 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 during the period. Renaissance Technologies LLC lifted its stake in shares of Star Bulk Carriers by 25.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock valued at $42,569,000 after purchasing an additional 358,870 shares during the period. Millennium Management LLC raised its holdings in Star Bulk Carriers by 335.4% in the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after purchasing an additional 940,745 shares during the period. Finally, Artemis Investment Management LLP grew its stake in Star Bulk Carriers by 29.4% in the 2nd 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 period. Hedge funds and other institutional investors own 33.91% of the company’s stock.

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.