Star Bulk Carriers (NASDAQ:SBLK) Rating Increased to Strong-Buy at Zacks Research

Star Bulk Carriers (NASDAQ:SBLK) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also recently commented on SBLK. Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Friday, March 27th. Jefferies Financial Group began coverage on Star Bulk Carriers in a research note on Friday. They issued a “buy” rating and a $29.00 price objective on the stock. Finally, Wall Street Zen raised Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 18th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $29.00.

Star Bulk Carriers Stock Performance

Shares of SBLK stock opened at $24.17 on Wednesday. The company has a fifty day moving average price of $24.02 and a two-hundred day moving average price of $21.14. Star Bulk Carriers has a one year low of $13.99 and a one year high of $27.20. The stock has a market cap of $2.74 billion, a P/E ratio of 33.11 and a beta of 0.78. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.78 and a quick ratio of 1.65.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings data on Wednesday, February 25th. The shipping company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.10. The company had revenue of $230.79 million for the quarter, compared to analyst estimates of $250.51 million. Star Bulk Carriers had a net margin of 8.07% and a return on equity of 3.89%. As a group, equities analysts predict that Star Bulk Carriers will post 3.85 EPS for the current year.

Insider Buying and Selling

In related news, COO Nikolaos Reskos sold 8,406 shares of the company’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $25.05, for a total transaction of $210,570.30. Following the completion of the sale, the chief operating officer owned 440,878 shares of the company’s stock, valued at $11,043,993.90. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Star Bulk Carriers

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allianz Asset Management GmbH boosted its position in shares of Star Bulk Carriers by 34.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 652,982 shares of the shipping company’s stock worth $12,139,000 after acquiring an additional 168,491 shares in the last quarter. JPMorgan Chase & Co. raised its position in Star Bulk Carriers by 101.0% during the third quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company’s stock valued at $1,849,000 after purchasing an additional 49,968 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in Star Bulk Carriers during the third quarter valued at approximately $2,822,000. Gordian Capital Singapore Pte Ltd bought a new stake in Star Bulk Carriers during the fourth quarter worth $480,000. Finally, Leonteq Securities AG acquired a new stake in shares of Star Bulk Carriers in the 4th quarter valued at $38,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Star Bulk Carriers Company Profile

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company’s vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.