Star Bulk Carriers Corp. (NASDAQ:SBLK) Short Interest Down 23.8% in March

Key Points

• Short interest down 23.8% — Short interest fell to 1,492,367 shares as of March 31 (a 23.8% decline from March 15), equal to about 1.3% of shares outstanding and a days-to-cover ratio of 0.9.
• Dividend sharply increased — The company raised its quarterly dividend to $0.37 (annualized $1.48) for a ~6.0% yield, up from $0.11 previously, although the payout ratio is an elevated 202.74%.
• Operational and analyst update — Q4 EPS beat at $0.62 versus $0.52 expected while revenue missed, and Wall Street's consensus rating is a "Hold" with an average price target of $22 and projected FY EPS of about $1.74.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totaling 1,492,367 shares, a decline of 23.8% from the March 15th total of 1,957,307 shares. Based on an average daily volume of 1,572,937 shares, the days-to-cover ratio is presently 0.9 days. Currently, 1.3% of the company's stock are short sold.

Hedge Funds Weigh In On Star Bulk Carriers

A number of hedge funds have recently bought and sold shares of the business. Mirabella Financial Services LLP purchased a new stake in shares of Star Bulk Carriers during the 3rd quarter valued at about $73,967,000. Alliancebernstein L.P. purchased a new stake in Star Bulk Carriers in the second quarter worth approximately $64,949,000. Millennium Management LLC grew its position in Star Bulk Carriers by 1,018.5% in the 4th quarter. Millennium Management LLC now owns 887,056 shares of the shipping company's stock worth $17,049,000 after purchasing an additional 807,751 shares during the period. Boston Partners grew its position in Star Bulk Carriers by 424.7% in the 4th quarter. Boston Partners now owns 843,098 shares of the shipping company's stock worth $16,205,000 after purchasing an additional 682,406 shares during the period. Finally, Fearnley Asset Management AS purchased a new stake in Star Bulk Carriers during the 4th quarter valued at $11,096,000. Hedge funds and other institutional investors own 33.91% of the company's stock.

Star Bulk Carriers Trading Down 0.6%

NASDAQ:SBLK opened at $24.58 on Wednesday. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 33.67 and a beta of 0.78. The company has a quick ratio of 1.65, a current ratio of 1.78 and a debt-to-equity ratio of 0.34. The company's 50 day moving average price is $23.81 and its 200-day moving average price is $20.88. Star Bulk Carriers has a 52 week low of $13.37 and a 52 week high of $27.20.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $230.79 million for the quarter, compared to analysts' expectations of $250.51 million. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%. On average, equities research analysts forecast that Star Bulk Carriers will post 1.74 earnings per share for the current fiscal year.

Star Bulk Carriers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Monday, March 9th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 6.0%. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Monday, March 9th. Star Bulk Carriers's payout ratio is 202.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen cut Star Bulk Carriers from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Star Bulk Carriers in a research note on Friday, March 27th. Finally, Zacks Research lowered Star Bulk Carriers from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 30th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target 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.

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