Star Bulk Carriers Corp. (NASDAQ:SBLK) Short Interest Down 20.1% in August

Key Points

• Short Interest Drop: Star Bulk Carriers Corp. experienced a significant decline in short interest of 20.1% in August, dropping to 2,550,000 shares from 3,190,000 shares in July, representing 2.9% of the company's shares sold short.
• Analyst Ratings Changes: Analysts from Wall Street Zen and Zacks Research upgraded Star Bulk Carriers' rating from "sell" to "hold," while Jefferies Financial Group maintained a "buy" rating with a price objective of $22.00.
• Quarterly Dividend Announcement: The company announced a quarterly dividend of $0.05 per share payable on September 10th, with an annualized yield of 1.0% and a payout ratio of 19.05%.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totaling 2,550,000 shares, a drop of 20.1% from the July 31st total of 3,190,000 shares. Currently, 2.9% of the company's stock are sold short. Based on an average daily trading volume, of 1,390,000 shares, the short-interest ratio is currently 1.8 days. Based on an average daily trading volume, of 1,390,000 shares, the short-interest ratio is currently 1.8 days. Currently, 2.9% of the company's stock are sold short.

Analyst Ratings Changes

SBLK has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Star Bulk Carriers from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Jefferies Financial Group reiterated a "buy" rating and issued a $22.00 price objective on shares of Star Bulk Carriers in a report on Thursday, August 7th. Finally, Zacks Research upgraded shares of Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $21.07.

Institutional Trading of Star Bulk Carriers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. bought a new position in shares of Star Bulk Carriers during the 2nd quarter worth approximately $64,949,000. Kingstone Capital Partners Texas LLC bought a new position in Star Bulk Carriers during the 2nd quarter valued at $57,227,000. Amundi increased its position in shares of Star Bulk Carriers by 59.1% during the 1st quarter. Amundi now owns 1,868,249 shares of the shipping company's stock valued at $26,548,000 after purchasing an additional 693,683 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Star Bulk Carriers by 7.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,627,325 shares of the shipping company's stock valued at $28,058,000 after purchasing an additional 107,069 shares during the last quarter. Finally, Philosophy Capital Management LLC increased its position in shares of Star Bulk Carriers by 10.1% during the 1st quarter. Philosophy Capital Management LLC now owns 1,519,259 shares of the shipping company's stock valued at $23,640,000 after purchasing an additional 139,930 shares during the last quarter. Institutional investors and hedge funds own 33.91% of the company's stock.

Star Bulk Carriers Stock Performance

Shares of Star Bulk Carriers stock traded up $0.02 during trading on Friday, reaching $19.21. The company's stock had a trading volume of 1,261,718 shares, compared to its average volume of 1,097,941. The business's 50-day moving average price is $18.77 and its 200-day moving average price is $16.80. The firm has a market cap of $2.26 billion, a PE ratio of 18.30 and a beta of 0.97. Star Bulk Carriers has a 52 week low of $12.06 and a 52 week high of $23.82. The company has a quick ratio of 1.42, a current ratio of 1.61 and a debt-to-equity ratio of 0.40.

Star Bulk Carriers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Thursday, August 28th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. Star Bulk Carriers's dividend payout ratio is currently 19.05%.

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.