Star Bulk Carriers (NASDAQ:SBLK) Cut 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 research note released 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. “

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

NASDAQ SBLK opened at $10.00 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.22 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $910.90 million, a price-to-earnings ratio of 9.01 and a beta of 1.83. The firm’s 50 day simple moving average is $10.00 and its 200 day simple moving average is $8.32. Star Bulk Carriers has a 1 year low of $6.16 and a 1 year high of $15.38.

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 the Thomson Reuters’ consensus estimate of ($0.31) by $0.09. The business had revenue of $157.79 million for the quarter, compared to analyst estimates of $137.11 million. Star Bulk Carriers had a negative net margin of 0.99% and a positive return on equity of 2.09%. On average, equities research analysts forecast that Star Bulk Carriers will post 0.18 earnings per share for the current year.

Institutional investors have recently modified their holdings of the business. Oaktree Capital Management LP lifted its holdings 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 purchasing an additional 2,029,500 shares during the period. Evermore Global Advisors LLC acquired a new position in shares of Star Bulk Carriers during the first quarter worth $9,531,000. Impala Asset Management LLC lifted its holdings 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 purchasing an additional 178,799 shares during the period. Renaissance Technologies LLC lifted its holdings 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 purchasing an additional 145,000 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Star Bulk Carriers by 1,084,750.0% during the fourth quarter. Bank of America Corp DE now owns 108,485 shares of the shipping company’s stock worth $992,000 after purchasing an additional 108,475 shares during the period. Hedge funds and other institutional investors own 56.62% 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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