Star Bulk Carriers (NASDAQ:SBLK) Stock Price Up 3.4%

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price rose 3.4% on Wednesday . The company traded as high as $9.86 and last traded at $9.24, approximately 448,852 shares traded hands during mid-day trading. A decline of 21% from the average daily volume of 569,163 shares. The stock had previously closed at $8.94.

SBLK has been the subject of a number of analyst reports. Deutsche Bank set a $15.00 price objective on shares of Star Bulk Carriers and gave the stock a “buy” rating in a research report on Friday, May 24th. ValuEngine upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a research report on Monday, July 22nd. Zacks Investment Research upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Wednesday, July 24th. BidaskClub downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, TheStreet downgraded shares of Star Bulk Carriers from a “c-” rating to a “d” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $16.00.

The stock has a market cap of $861.94 million, a price-to-earnings ratio of 8.31 and a beta of 1.83. The firm has a 50-day moving average price of $9.96. The company has a current ratio of 1.34, a quick ratio of 1.22 and a debt-to-equity ratio of 0.84.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Wednesday, August 7th. The shipping company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.09. The business had revenue of $157.79 million during the quarter, compared to analysts’ expectations of $137.11 million. Star Bulk Carriers had a negative net margin of 0.99% and a positive return on equity of 2.09%. Equities research analysts forecast that Star Bulk Carriers Corp. will post 0.22 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Sippican Capital Advisors increased its stake in shares of Star Bulk Carriers by 13.2% during the first quarter. Sippican Capital Advisors now owns 18,178 shares of the shipping company’s stock worth $120,000 after purchasing an additional 2,116 shares in the last quarter. Advisor Group Inc. increased its stake in shares of Star Bulk Carriers by 839.5% during the second quarter. Advisor Group Inc. now owns 3,570 shares of the shipping company’s stock worth $34,000 after purchasing an additional 3,190 shares in the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Star Bulk Carriers during the first quarter worth about $47,000. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Star Bulk Carriers by 18.4% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 67,700 shares of the shipping company’s stock worth $445,000 after purchasing an additional 10,500 shares in the last quarter. Finally, Wells Fargo & Company MN purchased a new stake in shares of Star Bulk Carriers during the second quarter worth about $102,000. 56.37% of the stock is owned by institutional investors and hedge funds.

About Star Bulk Carriers (NASDAQ:SBLK)

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.

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