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

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 target of a significant decrease in short interest during the month of August. As of August 15th, there was short interest totaling 2,550,000 shares, a decrease of 20.1% from the July 31st total of 3,190,000 shares. Currently, 2.9% of the shares of the stock are sold short. Based on an average trading volume of 1,390,000 shares, the days-to-cover ratio is currently 1.8 days. Based on an average trading volume of 1,390,000 shares, the days-to-cover ratio is currently 1.8 days. Currently, 2.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On Star Bulk Carriers

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Alliancebernstein L.P. bought a new position in shares of Star Bulk Carriers during the second quarter valued at approximately $64,949,000. Kingstone Capital Partners Texas LLC bought a new position in shares of Star Bulk Carriers during the second quarter valued at approximately $57,227,000. Amundi increased its stake in shares of Star Bulk Carriers by 59.1% during the first 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 in the last quarter. Ameriprise Financial Inc. increased its position in shares of Star Bulk Carriers by 7.0% during the second quarter. Ameriprise Financial Inc. now owns 1,627,325 shares of the shipping company's stock valued at $28,058,000 after acquiring an additional 107,069 shares in the last quarter. Finally, Philosophy Capital Management LLC increased its position in shares of Star Bulk Carriers by 10.1% during the first quarter. Philosophy Capital Management LLC now owns 1,519,259 shares of the shipping company's stock valued at $23,640,000 after acquiring an additional 139,930 shares in the last quarter. Institutional investors own 33.91% of the company's stock.

Star Bulk Carriers Trading Up 0.1%

NASDAQ SBLK traded up $0.02 during trading on Friday, hitting $19.21. 1,261,718 shares of the company's stock traded hands, compared to its average volume of 1,663,723. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.61 and a quick ratio of 1.42. The stock has a fifty day moving average of $18.74 and a two-hundred day moving average of $16.75. The firm has a market cap of $2.26 billion, a P/E ratio of 18.30 and a beta of 0.97. Star Bulk Carriers has a 12-month low of $12.06 and a 12-month high of $23.82.

Star Bulk Carriers Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Jefferies Financial Group reissued a "buy" rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research note on Thursday, August 7th. Wall Street Zen raised Star Bulk Carriers from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, Zacks Research upgraded shares of Star Bulk Carriers from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $21.07.

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.