Star Bulk Carriers (NASDAQ:SBLK) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Star Bulk Carriers (NASDAQ:SBLK) from a strong-buy rating to a hold rating in a report published on Saturday 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. “

A number of other analysts have also commented on the company. Deutsche Bank set a $15.00 price target on Star Bulk Carriers and gave the company a buy rating in a research note on Friday, May 24th. ValuEngine raised Star Bulk Carriers from a sell rating to a hold rating in a research note on Monday, July 22nd. BidaskClub lowered Star Bulk Carriers from a buy rating to a hold rating in a research note on Tuesday, August 6th. Finally, TheStreet downgraded Star Bulk Carriers from a c- rating to a d rating in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $16.00.

Shares of SBLK stock opened at $10.22 on Friday. The business’s 50-day moving average price is $10.01 and its 200-day moving average price is $8.34. Star Bulk Carriers has a 12 month low of $6.16 and a 12 month high of $15.38. The firm has a market capitalization of $910.85 million, a price-to-earnings ratio of 9.21 and a beta of 1.83. 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 announced its quarterly earnings results on Wednesday, August 7th. The shipping company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.09. Star Bulk Carriers had a positive return on equity of 2.09% and a negative net margin of 0.99%. The firm had revenue of $157.79 million for the quarter, compared to analyst estimates of $137.11 million. On average, sell-side analysts predict that Star Bulk Carriers will post 0.18 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Oaktree Capital Management LP raised its position in shares of Star Bulk Carriers by 5.7% during the second quarter. Oaktree Capital Management LP now owns 37,413,697 shares of the shipping company’s stock worth $361,043,000 after acquiring an additional 2,029,500 shares during the last quarter. Impala Asset Management LLC raised its position in shares of Star Bulk Carriers by 4.9% during the second quarter. Impala Asset Management LLC now owns 3,810,325 shares of the shipping company’s stock worth $36,770,000 after acquiring an additional 178,799 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Star Bulk Carriers by 7.8% during the second quarter. Renaissance Technologies LLC now owns 1,993,426 shares of the shipping company’s stock worth $19,237,000 after acquiring an additional 145,000 shares during the last quarter. Evermore Global Advisors LLC bought a new position in shares of Star Bulk Carriers during the first quarter worth about $9,531,000. Finally, Marshall Wace LLP raised its position in shares of Star Bulk Carriers by 14.0% during the first quarter. Marshall Wace LLP now owns 858,508 shares of the shipping company’s stock worth $5,649,000 after acquiring an additional 105,185 shares during the last quarter. Institutional investors own 56.62% of the company’s stock.

Star Bulk Carriers Company Profile

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: Hold Rating

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