Star Bulk Carriers Corp. (NASDAQ:SBLK) Short Interest Update

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the target of a significant growth in short interest in March. As of March 13th, there was short interest totaling 1,957,307 shares, a growth of 64.1% from the February 26th total of 1,192,565 shares. Based on an average daily trading volume, of 2,316,681 shares, the days-to-cover ratio is currently 0.8 days. Currently, 1.7% of the company’s shares are sold short.

Star Bulk Carriers Stock Down 1.1%

SBLK stock traded down $0.25 during midday trading on Friday, hitting $22.25. The company’s stock had a trading volume of 1,273,967 shares, compared to its average volume of 2,048,302. The firm has a 50-day simple moving average of $23.33 and a 200-day simple moving average of $20.50. The firm has a market capitalization of $2.62 billion, a P/E ratio of 30.48 and a beta of 0.73. The company has a quick ratio of 1.65, a current ratio of 1.78 and a debt-to-equity ratio of 0.34. Star Bulk Carriers has a 52-week low of $12.06 and a 52-week high of $27.20.

Star Bulk Carriers (NASDAQ:SBLK) last announced 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. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%.The business had revenue of $230.79 million during the quarter, compared to analysts’ expectations of $250.51 million. As a group, equities analysts forecast that Star Bulk Carriers will post 1.74 EPS for the current year.

Star Bulk Carriers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, March 9th. This is an increase 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 is 202.74%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Mirabella Financial Services LLP acquired a new position in Star Bulk Carriers in the third quarter valued at $73,967,000. Alliancebernstein L.P. acquired a new stake in shares of Star Bulk Carriers during the second quarter worth about $64,949,000. Millennium Management LLC grew its holdings in shares of Star Bulk Carriers by 1,018.5% during the fourth quarter. Millennium Management LLC now owns 887,056 shares of the shipping company’s stock worth $17,049,000 after buying an additional 807,751 shares during the last quarter. Boston Partners increased 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 valued at $16,205,000 after acquiring an additional 682,406 shares during the period. Finally, Fearnley Asset Management AS acquired a new position in Star Bulk Carriers in the 4th quarter valued at about $11,096,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SBLK. Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday, December 29th. Wall Street Zen downgraded Star Bulk Carriers from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Finally, Zacks Research lowered shares of 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 given a Hold rating to the company’s stock. According to MarketBeat, the stock presently 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.