Zacks Investment Research upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a sell rating to a hold rating in a research report report published on Wednesday, 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 equities analysts have also recently commented on SBLK. BidaskClub cut Star Bulk Carriers from a sell rating to a strong sell rating in a report on Friday, March 1st. Deutsche Bank set a $15.00 target price on Star Bulk Carriers and gave the stock a buy rating in a report on Friday, May 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $17.00.

Shares of Star Bulk Carriers stock opened at $8.40 on Wednesday. Star Bulk Carriers has a one year low of $6.16 and a one year high of $15.38. The firm has a market capitalization of $789.96 million, a P/E ratio of 10.70 and a beta of 1.76. The company has a current ratio of 1.34, a quick ratio of 1.22 and a debt-to-equity ratio of 0.84.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Wednesday, May 22nd. The shipping company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.03). Star Bulk Carriers had a return on equity of 4.91% and a net margin of 6.28%. The company had revenue of $166.49 million during the quarter, compared to the consensus estimate of $154.10 million. As a group, analysts forecast that Star Bulk Carriers will post -0.49 earnings per share for the current year.

A number of large investors have recently bought and sold shares of SBLK. Marshall Wace North America L.P. acquired a new position in shares of Star Bulk Carriers during the 1st quarter worth about $47,000. Marshall Wace LLP raised its position in shares of Star Bulk Carriers by 14.0% during the 1st quarter. Marshall Wace LLP now owns 858,508 shares of the shipping company’s stock worth $5,649,000 after purchasing an additional 105,185 shares during the last quarter. Oaktree Capital Management LP raised its position in shares of Star Bulk Carriers by 3.6% during the 1st quarter. Oaktree Capital Management LP now owns 35,384,197 shares of the shipping company’s stock worth $232,827,000 after purchasing an additional 1,222,446 shares during the last quarter. Evermore Global Advisors LLC acquired a new position in shares of Star Bulk Carriers during the 1st quarter worth about $9,531,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in shares of Star Bulk Carriers by 18.4% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 67,700 shares of the shipping company’s stock worth $445,000 after purchasing an additional 10,500 shares during the last quarter. 56.65% of the stock is currently owned by institutional investors and hedge funds.

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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