Short Interest in Star Bulk Carriers Corp. (NASDAQ:SBLK) Drops By 62.3%

Short interest in Star Bulk Carriers Corp. (NASDAQ:SBLK) dropped by 62.3% in April, with short interest totaling 1,930,000 shares. The days-to-cover ratio is currently 1.2 days. Analysts increased their price target on the stock, and large investors have modified their holdings. The company's stock price traded up on Friday. Star Bulk Carriers is a shipping company engaged in the ocean transportation of dry bulk cargoes worldwide.

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Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 1,930,000 shares, a decrease of 62.3% from the March 31st total of 5,120,000 shares. Based on an average daily volume of 1,580,000 shares, the short-interest ratio is currently 1.2 days.

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Analysts Set New Price Targets

Big gains on the horizon for shipping stocks in Red Sea conflict?

Separately, Stifel Nicolaus increased their price target on shares of Star Bulk Carriers from $76.00 to $83.00 and gave the stock a "buy" rating in a report on Wednesday, February 14th.

Get Our Latest Report on Star Bulk Carriers

Institutional Trading of Star Bulk Carriers

Can Star Bulk And Other Shippers Reclaim Their 2021 Glory?

Large investors have recently modified their holdings of the business. VisionPoint Advisory Group LLC acquired a new stake in shares of Star Bulk Carriers in the fourth quarter valued at approximately $36,000. Atlas Capital Advisors LLC acquired a new stake in shares of Star Bulk Carriers in the first quarter valued at approximately $36,000. Principal Securities Inc. acquired a new stake in Star Bulk Carriers during the fourth quarter worth approximately $40,000. Creekmur Asset Management LLC acquired a new stake in Star Bulk Carriers during the fourth quarter worth approximately $50,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Star Bulk Carriers during the third quarter worth approximately $83,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Star Bulk Carriers Price Performance

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SBLK traded up $0.29 on Friday, hitting $24.71. 1,315,816 shares of the company were exchanged, compared to its average volume of 1,686,426. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.09 and a current ratio of 1.26. The business's fifty day moving average is $23.76 and its 200 day moving average is $21.61. Star Bulk Carriers has a fifty-two week low of $16.57 and a fifty-two week high of $25.16. The firm has a market capitalization of $2.08 billion, a P/E ratio of 13.96 and a beta of 1.12.

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Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last issued its earnings results on Tuesday, February 13th. The shipping company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.16. The company had revenue of $263.46 million for the quarter, compared to analyst estimates of $236.40 million. Star Bulk Carriers had a net margin of 18.28% and a return on equity of 9.77%. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, sell-side analysts anticipate that Star Bulk Carriers will post 4.19 EPS for the current year.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 12th were given a $0.45 dividend. The ex-dividend date of this dividend was Monday, March 11th. This is a positive change from Star Bulk Carriers's previous quarterly dividend of $0.22. This represents a $1.80 annualized dividend and a dividend yield of 7.28%. Star Bulk Carriers's dividend payout ratio is currently 101.70%.

About Star Bulk Carriers

(Get Free Report)

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.

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