Star Bulk Carriers Corp. (NASDAQ:SBLK) Sees Significant Drop in Short Interest

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the recipient of a large decline in short interest in February. As of February 27th, there was short interest totaling 1,192,565 shares, a decline of 19.6% from the February 12th total of 1,482,556 shares. Approximately 1.0% of the company’s shares are short sold. Based on an average daily volume of 1,990,149 shares, the short-interest ratio is presently 0.6 days. Based on an average daily volume of 1,990,149 shares, the short-interest ratio is presently 0.6 days. Approximately 1.0% of the company’s shares are short sold.

Star Bulk Carriers Price Performance

Shares of SBLK opened at $22.22 on Tuesday. Star Bulk Carriers has a fifty-two week low of $12.06 and a fifty-two week high of $27.20. The firm’s 50-day simple moving average is $22.90 and its two-hundred day simple moving average is $20.28. The stock has a market cap of $2.61 billion, a PE ratio of 30.44 and a beta of 0.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.56 and a current ratio of 1.72.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Wednesday, February 25th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.10. Star Bulk Carriers had a net margin of 8.07% and a return on equity of 3.90%. The firm had revenue of $230.79 million during the quarter, compared to analyst estimates of $250.51 million. Analysts anticipate that Star Bulk Carriers will post 1.74 earnings per share for the current fiscal year.

Star Bulk Carriers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Monday, March 9th will be paid a dividend of $0.37 per share. The ex-dividend date is Monday, March 9th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.11. This represents a $1.48 dividend on an annualized basis and a yield of 6.7%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 202.74%.

Institutional Investors Weigh In On Star Bulk Carriers

A number of institutional investors have recently modified their holdings of SBLK. Public Employees Retirement System of Ohio increased its holdings in shares of Star Bulk Carriers by 10.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 4,536 shares of the shipping company’s stock valued at $87,000 after acquiring an additional 422 shares in the last quarter. Magnetar Financial LLC boosted its stake in Star Bulk Carriers by 3.1% in the 4th quarter. Magnetar Financial LLC now owns 20,001 shares of the shipping company’s stock worth $384,000 after purchasing an additional 604 shares in the last quarter. BNP Paribas Financial Markets grew its position in Star Bulk Carriers by 4.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 13,695 shares of the shipping company’s stock valued at $236,000 after purchasing an additional 616 shares during the last quarter. Jones Financial Companies Lllp grew its position in Star Bulk Carriers by 50.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,381 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 802 shares during the last quarter. Finally, Vident Advisory LLC increased its stake in Star Bulk Carriers by 5.6% during the 3rd quarter. Vident Advisory LLC now owns 16,902 shares of the shipping company’s stock valued at $314,000 after purchasing an additional 891 shares in the last quarter. 33.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Star Bulk Carriers in a research note on Monday, December 29th. Jefferies Financial Group restated a “buy” rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research note on Wednesday, November 19th. Finally, Zacks Research cut Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $22.00.

Star Bulk Carriers Company Profile

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company’s vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.