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

Zacks Investment Research downgraded shares of Star Bulk Carriers (NASDAQ:SBLKGet Rating) from a buy rating to a hold rating in a research report report published on Saturday, 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. “

Other equities analysts have also issued research reports about the stock. StockNews.com lowered shares of Star Bulk Carriers from a strong-buy rating to a buy rating in a report on Wednesday, April 20th. Jefferies Financial Group began coverage on shares of Star Bulk Carriers in a research note on Wednesday, April 27th. They issued a buy rating for the company. HC Wainwright upped their price objective on shares of Star Bulk Carriers from $35.00 to $40.00 in a research note on Friday, February 18th. Finally, Pareto Securities cut shares of Star Bulk Carriers from a buy rating to a hold rating and set a $30.00 price objective for the company. in a research note on Wednesday, February 23rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Star Bulk Carriers has a consensus rating of Buy and an average price target of $34.00.

Star Bulk Carriers stock opened at $32.54 on Friday. The firm’s 50 day simple moving average is $29.70 and its 200 day simple moving average is $25.74. The firm has a market capitalization of $3.33 billion, a PE ratio of 4.08 and a beta of 0.89. Star Bulk Carriers has a 1-year low of $16.56 and a 1-year high of $33.88. The company has a current ratio of 2.13, a quick ratio of 2.09 and a debt-to-equity ratio of 0.43.

Star Bulk Carriers (NASDAQ:SBLKGet Rating) last issued its quarterly earnings results on Tuesday, May 24th. The shipping company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.25. Star Bulk Carriers had a net margin of 51.34% and a return on equity of 42.24%. During the same period last year, the business posted $0.36 EPS. Research analysts forecast that Star Bulk Carriers will post 6.29 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 16th. Shareholders of record on Friday, June 3rd will be given a dividend of $1.65 per share. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $6.60 annualized dividend and a yield of 20.28%. Star Bulk Carriers’s payout ratio is currently 100.38%.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Walleye Capital LLC boosted its position in Star Bulk Carriers by 434.9% during the 1st quarter. Walleye Capital LLC now owns 85,522 shares of the shipping company’s stock valued at $2,539,000 after buying an additional 69,533 shares during the period. Advisory Services Network LLC raised its holdings in Star Bulk Carriers by 3.2% in the 1st quarter. Advisory Services Network LLC now owns 25,305 shares of the shipping company’s stock worth $751,000 after purchasing an additional 786 shares in the last quarter. Toroso Investments LLC raised its holdings in Star Bulk Carriers by 89.6% in the 1st quarter. Toroso Investments LLC now owns 42,655 shares of the shipping company’s stock worth $1,266,000 after purchasing an additional 20,153 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Star Bulk Carriers in the 1st quarter worth $310,000. Finally, BNP Paribas Arbitrage SA raised its holdings in Star Bulk Carriers by 179,150.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,585 shares of the shipping company’s stock worth $106,000 after purchasing an additional 3,583 shares in the last quarter. 49.81% of the stock is owned by institutional investors and hedge funds.

About Star Bulk Carriers (Get Rating)

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 December 31, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 24 Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax, and 17 Supramax vessels.

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