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

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the recipient of a significant decline in short interest in the month of November. As of November 29th, there was short interest totalling 2,130,000 shares, a decline of 9.7% from the November 14th total of 2,360,000 shares. Based on an average trading volume of 586,900 shares, the days-to-cover ratio is presently 3.6 days. Currently, 2.8% of the company’s shares are sold short.

A number of research firms have issued reports on SBLK. Zacks Investment Research cut shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 29th. BidaskClub upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a research report on Wednesday, December 4th. Pareto Securities cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Finally, ValuEngine upgraded shares of Star Bulk Carriers from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $13.50.

Shares of NASDAQ SBLK traded down $0.05 during midday trading on Friday, hitting $10.93. 477,946 shares of the company traded hands, compared to its average volume of 567,738. Star Bulk Carriers has a 12-month low of $6.16 and a 12-month high of $11.81. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.64 and a current ratio of 0.82. The stock has a 50-day moving average price of $10.66 and a 200 day moving average price of $10.00. The firm has a market cap of $1.01 billion, a P/E ratio of 9.85 and a beta of 1.69.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings results on Wednesday, November 20th. The shipping company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. Star Bulk Carriers had a negative net margin of 3.50% and a positive return on equity of 1.24%. The company had revenue of $248.44 million for the quarter, compared to analysts’ expectations of $215.35 million. As a group, equities analysts expect that Star Bulk Carriers will post 0.09 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Friday, November 29th. Star Bulk Carriers’s dividend payout ratio is currently 18.02%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC increased its position in shares of Star Bulk Carriers by 1,165.6% during the third quarter. Barclays PLC now owns 16,503 shares of the shipping company’s stock valued at $166,000 after buying an additional 15,199 shares during the period. Phoenix Holdings Ltd. purchased a new position in shares of Star Bulk Carriers during the third quarter valued at about $3,417,000. State Street Corp increased its position in shares of Star Bulk Carriers by 9.3% during the third quarter. State Street Corp now owns 85,028 shares of the shipping company’s stock valued at $856,000 after buying an additional 7,235 shares during the period. Cetera Advisor Networks LLC increased its position in shares of Star Bulk Carriers by 15.6% during the third quarter. Cetera Advisor Networks LLC now owns 14,474 shares of the shipping company’s stock valued at $145,000 after buying an additional 1,956 shares during the period. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Star Bulk Carriers during the third quarter valued at about $32,000. Institutional investors own 54.83% of the company’s stock.

About Star Bulk Carriers

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of April 10, 2019, the company had a fleet of 109 vessels with an aggregate capacity of approximately 12.45 million deadweight ton, including 17 Newcastlemax, 19 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax, and 10 Supramax vessels.

Further Reading: Current Ratio

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