Zacks Research Downgrades Star Bulk Carriers (NASDAQ:SBLK) to Hold

Star Bulk Carriers (NASDAQ:SBLK) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research firms also recently weighed in on SBLK. Jefferies Financial Group upped their price target on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $32.00 price target on shares of Star Bulk Carriers in a research note on Friday, May 22nd. Wall Street Zen upgraded Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Star Bulk Carriers in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Star Bulk Carriers Stock Performance

Shares of SBLK opened at $26.98 on Monday. The company has a market capitalization of $3.06 billion, a PE ratio of 21.58 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.55 and a current ratio of 1.73. The company’s 50 day moving average price is $26.22 and its 200 day moving average price is $23.51. Star Bulk Carriers has a 52 week low of $16.21 and a 52 week high of $28.50.

Insider Transactions at Star Bulk Carriers

In related news, Director Nikolaos Karellis sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $26.96, for a total transaction of $539,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nikolaos Reskos sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $28.49, for a total value of $142,450.00. Following the sale, the chief operating officer owned 362,775 shares of the company’s stock, valued at approximately $10,335,459.75. The trade was a 1.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 108,103 shares of company stock valued at $2,886,212 over the last 90 days.

Hedge Funds Weigh In On Star Bulk Carriers

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada boosted its holdings in Star Bulk Carriers by 94.3% in the 1st quarter. Royal Bank of Canada now owns 117,275 shares of the shipping company’s stock valued at $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 increased its holdings 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 purchasing an additional 485,436 shares during the period. Geode Capital Management LLC raised its position 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 last quarter. JPMorgan Chase & Co. raised its position 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 last quarter. 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.

About Star Bulk Carriers

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.