Star Bulk Carriers Corp. (NASDAQ:SBLK) Sees Large Increase in Short Interest

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the recipient of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 1,780,000 shares, an increase of 28.1% from the November 15th total of 1,390,000 shares. Based on an average daily trading volume, of 1,820,000 shares, the days-to-cover ratio is currently 1.0 days.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Jefferies Financial Group reissued a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a report on Wednesday, November 20th. StockNews.com downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective for the company. Finally, DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $19.30 to $20.20 in a research report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Star Bulk Carriers presently has an average rating of “Hold” and a consensus price target of $23.80.

Star Bulk Carriers Trading Down 1.9 %

Shares of SBLK traded down $0.30 during mid-day trading on Friday, reaching $15.15. The company had a trading volume of 2,460,212 shares, compared to its average volume of 2,460,606. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 5.12, a price-to-earnings-growth ratio of 3.95 and a beta of 0.96. The firm has a fifty day simple moving average of $19.01 and a 200-day simple moving average of $21.59. Star Bulk Carriers has a fifty-two week low of $15.06 and a fifty-two week high of $27.47.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 15.84%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Several institutional investors have recently bought and sold shares of SBLK. Sunbelt Securities Inc. purchased a new stake in shares of Star Bulk Carriers in the third quarter worth about $57,000. Geode Capital Management LLC grew its stake in Star Bulk Carriers by 359.3% during the 3rd quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock valued at $10,833,000 after purchasing an additional 357,720 shares in the last quarter. Barclays PLC increased its stake in shares of Star Bulk Carriers by 7,313.4% in the third quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock worth $10,784,000 after buying an additional 449,113 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Star Bulk Carriers during the 3rd quarter worth $1,731,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Star Bulk Carriers in the third quarter valued at about $648,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

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.