Star Bulk Carriers (NASDAQ:SBLK) Posts Earnings Results

Star Bulk Carriers (NASDAQ:SBLK) posted its earnings results on Wednesday. The shipping company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10, Zacks reports. Star Bulk Carriers had a net margin of 5.85% and a return on equity of 2.66%.

Star Bulk Carriers Trading Down 1.6%

Shares of NASDAQ:SBLK traded down $0.40 during trading hours on Wednesday, hitting $24.89. 2,835,899 shares of the company’s stock traded hands, compared to its average volume of 1,372,570. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.72 and a quick ratio of 1.56. The business has a fifty day moving average price of $21.42 and a 200-day moving average price of $19.75. Star Bulk Carriers has a 1 year low of $12.06 and a 1 year high of $25.82. The firm has a market capitalization of $2.93 billion, a P/E ratio of 47.86 and a beta of 0.79.

Hedge Funds Weigh In On Star Bulk Carriers

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its holdings in Star Bulk Carriers by 94.3% during the 1st quarter. Royal Bank of Canada now owns 117,275 shares of the shipping company’s stock worth $1,825,000 after purchasing an additional 56,930 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Star Bulk Carriers by 59.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,298,436 shares of the shipping company’s stock worth $20,204,000 after buying an additional 485,436 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Star Bulk Carriers by 2.3% during the second quarter. Geode Capital Management LLC now owns 122,115 shares of the shipping company’s stock valued at $2,106,000 after buying an additional 2,748 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Star Bulk Carriers by 673.1% during the second quarter. JPMorgan Chase & Co. now owns 49,471 shares of the shipping company’s stock valued at $853,000 after buying an additional 43,072 shares during the period. Finally, Norges Bank bought a new stake in shares of Star Bulk Carriers in the second quarter valued at about $1,444,000. Institutional investors own 33.91% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SBLK. Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Monday, December 29th. Zacks Research lowered Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $22.00 target price on shares of Star Bulk Carriers in a report on Wednesday, November 19th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Star Bulk Carriers currently has a consensus rating of “Hold” and an average target price of $22.00.

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.