Star Bulk Carriers (NASDAQ:SBLK) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Star Bulk Carriers (NASDAQ:SBLK) from a strong-buy rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “STAR BULK is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols SBLK and SBLKW respectively. Currently, Star Bulk has an operating fleet of nine dry bulk carriers, plus definitive agreement to acquire two further dry bulk carriers. “

Several other brokerages have also recently commented on SBLK. TheStreet raised Star Bulk Carriers from a d+ rating to a c- rating in a report on Tuesday, February 9th. Deutsche Bank Aktiengesellschaft boosted their target price on Star Bulk Carriers from $15.00 to $18.00 and gave the stock a buy rating in a report on Thursday, March 11th. Finally, Jefferies Financial Group boosted their target price on Star Bulk Carriers from $10.00 to $13.00 and gave the stock a buy rating in a report on Friday, January 29th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Star Bulk Carriers has a consensus rating of Buy and an average price target of $11.52.

SBLK opened at $14.69 on Wednesday. The business’s 50 day moving average is $14.62 and its 200-day moving average is $10.07. The stock has a market cap of $1.46 billion, a PE ratio of 293.86 and a beta of 1.34. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.93. Star Bulk Carriers has a twelve month low of $3.86 and a twelve month high of $17.88.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Tuesday, February 16th. The shipping company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.08. The company had revenue of $186.02 million for the quarter, compared to analysts’ expectations of $186.57 million. Star Bulk Carriers had a return on equity of 1.41% and a net margin of 0.71%. As a group, analysts forecast that Star Bulk Carriers will post 0.04 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace North America L.P. bought a new position in shares of Star Bulk Carriers in the first quarter valued at $47,000. JPMorgan Chase & Co. increased its holdings in shares of Star Bulk Carriers by 977.9% in the third quarter. JPMorgan Chase & Co. now owns 22,733 shares of the shipping company’s stock valued at $154,000 after buying an additional 20,624 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Star Bulk Carriers in the fourth quarter valued at $211,000. Engineers Gate Manager LP bought a new position in shares of Star Bulk Carriers in the fourth quarter valued at $245,000. Finally, Squarepoint Ops LLC bought a new position in shares of Star Bulk Carriers in the third quarter valued at $210,000. 55.21% of the stock is currently owned by institutional investors.

About Star Bulk Carriers

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's 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 March 16, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax, and 17 Supramax vessels.

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