Star Bulk Carriers (NASDAQ:SBLK) Shares Cross Below 200-Day Moving Average – Here’s What Happened

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) passed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $26.62 and traded as low as $26.45. Star Bulk Carriers shares last traded at $26.50, with a volume of 1,850,427 shares traded.

Analyst Ratings Changes

A number of equities research analysts have commented on SBLK shares. Zacks Research cut Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 18th. Weiss Ratings downgraded Star Bulk Carriers from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.50.

Star Bulk Carriers Stock Down 2.6%

The stock has a market capitalization of $3.01 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 0.11 and a beta of 0.85. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.91 and a quick ratio of 1.74. The business’s fifty day moving average price is $29.82 and its two-hundred day moving average price is $26.62.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Wednesday, August 5th. The shipping company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.26. The firm had revenue of $284.60 million for the quarter, compared to the consensus estimate of $284.29 million. Star Bulk Carriers had a return on equity of 11.72% and a net margin of 23.87%. On average, equities research analysts forecast that Star Bulk Carriers Corp. will post 4.38 EPS for the current fiscal year.

Insider Transactions at Star Bulk Carriers

In other news, COO Nikolaos Rescos bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $28.27 per share, with a total value of $282,700.00. Following the completion of the acquisition, the chief operating officer directly owned 410,875 shares of the company’s stock, valued at $11,615,436.25. This trade represents a 2.49% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alexandros Pappas bought 74,400 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $28.27 per share, for a total transaction of $2,103,288.00. Following the transaction, the insider owned 2,532,150 shares of the company’s stock, valued at $71,583,880.50. The trade was a 3.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 170,400 shares of company stock valued at $4,817,208 and sold 91,150 shares valued at $2,814,345. 0.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Star Bulk Carriers

A number of institutional investors have recently bought and sold shares of the business. Cooper Creek Partners Management LLC acquired a new position in shares of Star Bulk Carriers in the 1st quarter valued at about $19,893,000. Artemis Investment Management LLP grew its holdings in Star Bulk Carriers by 108.1% during the third quarter. Artemis Investment Management LLP now owns 1,585,263 shares of the shipping company’s stock worth $46,543,000 after acquiring an additional 823,575 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Star Bulk Carriers during the first quarter worth about $17,398,000. Renaissance Technologies LLC grew its holdings in Star Bulk Carriers by 13.0% during the first quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company’s stock worth $47,494,000 after acquiring an additional 237,248 shares during the period. Finally, Bank of America Corp DE raised its position in Star Bulk Carriers by 48.5% during the first quarter. Bank of America Corp DE now owns 565,562 shares of the shipping company’s stock valued at $12,991,000 after acquiring an additional 184,837 shares in the last quarter. 33.91% of the stock is owned by hedge funds and other institutional investors.

About Star Bulk Carriers

Star Bulk Carriers Corp. is a global dry bulk shipping company that owns and operates vessels used to transport commodities such as iron ore, grain, coal, bauxite, fertilizers and other bulk cargoes. Its fleet serves industrial and agricultural supply chains by moving raw materials between ports worldwide.

The company operates several classes of dry bulk vessels, including Capesize, Panamax, Ultramax and Supramax ships. In addition to vessel ownership and operations, Star Bulk provides commercial management, chartering and voyage-related services, coordinating the employment of its vessels in international markets.

Star Bulk was founded in 2006 and is headquartered in Maroussi, Greece.