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

Zacks Investment Research lowered shares of Star Bulk Carriers (NASDAQ:SBLK) from a buy rating to a hold rating in a research note released 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. “

Other equities analysts have also recently issued reports about the company. ValuEngine upgraded Star Bulk Carriers from a sell rating to a hold rating in a report on Wednesday, October 2nd. TheStreet cut Star Bulk Carriers from a c- rating to a d rating in a report on Friday, August 9th. Finally, BidaskClub upgraded Star Bulk Carriers from a hold rating to a buy rating in a report on Wednesday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $13.50.

Shares of Star Bulk Carriers stock traded down $0.22 on Wednesday, reaching $11.09. 1,153,613 shares of the company’s stock were exchanged, compared to its average volume of 471,029. The company has a market capitalization of $1.04 billion, a P/E ratio of 30.57 and a beta of 1.61. Star Bulk Carriers has a 52 week low of $6.16 and a 52 week high of $14.45. The firm’s 50-day moving average is $10.43 and its two-hundred day moving average is $9.08.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.09. The firm had revenue of $157.79 million for the quarter, compared to analysts’ expectations of $137.11 million. Star Bulk Carriers had a positive return on equity of 2.09% and a negative net margin of 0.99%. Sell-side analysts forecast 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 SBLK. Advisor Group Inc. lifted its holdings in shares of Star Bulk Carriers by 839.5% in the 2nd 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. bought a new position in shares of Star Bulk Carriers in the 1st quarter worth $47,000. Wells Fargo & Company MN bought a new position in shares of Star Bulk Carriers in the 2nd quarter worth $102,000. Quantitative Systematic Strategies LLC bought a new position in shares of Star Bulk Carriers in the 2nd quarter worth $109,000. Finally, Cetera Advisor Networks LLC bought a new position in shares of Star Bulk Carriers in the 2nd quarter worth $120,000. Institutional investors own 56.72% 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.

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