Star Bulk Carriers (NASDAQ:SBLK) Hits New 52-Week High – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $24.70 and last traded at $24.4550, with a volume of 691867 shares traded. The stock had previously closed at $23.80.

Wall Street Analysts Forecast Growth

SBLK has been the subject of several recent analyst reports. Jefferies Financial Group reissued a “buy” rating and issued a $22.00 price target on shares of Star Bulk Carriers in a report on Wednesday, November 19th. Weiss Ratings restated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Monday, December 29th. Finally, Zacks Research downgraded shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $22.00.

Star Bulk Carriers Price Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.56 and a current ratio of 1.72. The stock has a market capitalization of $2.89 billion, a PE ratio of 47.17 and a beta of 0.79. The company’s fifty day simple moving average is $20.67 and its two-hundred day simple moving average is $19.49.

Institutional Trading of Star Bulk Carriers

A number of large investors have recently made changes to their positions in SBLK. ION Fund Management Ltd acquired a new stake in shares of Star Bulk Carriers during the 4th quarter worth about $582,000. FIL Ltd purchased a new stake in Star Bulk Carriers in the 4th quarter worth approximately $6,632,000. Jump Financial LLC acquired a new position in Star Bulk Carriers in the 4th quarter valued at $9,151,000. Public Employees Retirement System of Ohio lifted its stake in shares of Star Bulk Carriers by 10.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 4,536 shares of the shipping company’s stock worth $87,000 after purchasing an additional 422 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Star Bulk Carriers by 42.3% during the fourth quarter. Russell Investments Group Ltd. now owns 258,573 shares of the shipping company’s stock worth $4,970,000 after purchasing an additional 76,818 shares during the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

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.