Star Bulk Carriers (NASDAQ:SBLK) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued on Thursday, 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 analysts have also recently commented on the stock. SEB Equity Research began coverage on shares of Star Bulk Carriers in a research note on Wednesday, June 2nd. They issued a "buy" rating for the company. Jefferies Financial Group lifted their target price on shares of Star Bulk Carriers from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, May 20th. SEB Equities began coverage on shares of Star Bulk Carriers in a research report on Wednesday, June 2nd. They set a "buy" rating for the company. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $40.00 target price (up previously from $18.00) on shares of Star Bulk Carriers in a research report on Tuesday, May 18th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of "Buy" and an average price target of $23.40.
Shares of NASDAQ:SBLK opened at $18.51 on Thursday. The stock has a market capitalization of $1.89 billion, a P/E ratio of 43.05 and a beta of 1.26. The company has a 50-day moving average price of $20.88. The company has a current ratio of 1.10, a quick ratio of 0.90 and a debt-to-equity ratio of 0.60. Star Bulk Carriers has a fifty-two week low of $5.87 and a fifty-two week high of $25.24.
Star Bulk Carriers (NASDAQ:SBLK) last issued its earnings results on Tuesday, May 18th. The shipping company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters' consensus estimate of $0.41 by ($0.05). The firm had revenue of $200.47 million during the quarter, compared to analysts' expectations of $213.71 million. Star Bulk Carriers had a net margin of 5.82% and a return on equity of 4.79%. As a group, sell-side analysts forecast that Star Bulk Carriers will post 5.24 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in SBLK. Marshall Wace North America L.P. purchased a new stake in Star Bulk Carriers during the first quarter worth approximately $47,000. USA Financial Portformulas Corp purchased a new stake in Star Bulk Carriers during the first quarter worth approximately $117,000. AJO LP purchased a new stake in Star Bulk Carriers during the first quarter worth approximately $153,000. Barclays PLC purchased a new stake in Star Bulk Carriers during the first quarter worth approximately $166,000. Finally, BlackRock Inc. acquired a new position in shares of Star Bulk Carriers during the first quarter worth $170,000. Hedge funds and other institutional investors own 59.61% 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. 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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