Zacks Investment Research upgraded shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) from a hold rating to a buy rating in a research report released on Thursday. The brokerage currently has $5.50 price objective on the stock.
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. “
SBLK has been the topic of a number of other reports. JPMorgan Chase & Co. raised shares of Star Bulk Carriers Corp. from a neutral rating to an overweight rating and set a $6.50 price objective on the stock in a research note on Tuesday, July 19th. Seaport Global Securities reaffirmed a neutral rating and issued a $4.00 price objective on shares of Star Bulk Carriers Corp. in a research note on Tuesday, August 2nd. Jefferies Group reaffirmed a buy rating and issued a $6.00 price objective (up from $5.00) on shares of Star Bulk Carriers Corp. in a research note on Friday, September 16th. Morgan Stanley reaffirmed a sell rating and issued a $3.00 price objective on shares of Star Bulk Carriers Corp. in a research note on Friday, September 16th. Finally, Deutsche Bank AG reaffirmed a hold rating on shares of Star Bulk Carriers Corp. in a research note on Wednesday, September 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. Star Bulk Carriers Corp. currently has a consensus rating of Hold and an average price target of $4.33.
Star Bulk Carriers Corp. (NASDAQ:SBLK) last announced its quarterly earnings results on Wednesday, September 14th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.66) by $0.03. Star Bulk Carriers Corp. had a negative net margin of 187.42% and a negative return on equity of 10.28%. The business earned $52.65 million during the quarter.
A hedge fund recently raised its stake in Star Bulk Carriers Corp. stock. Geode Capital Management LLC increased its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 64.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,746 shares of the company’s stock after buying an additional 53,743 shares during the period. Geode Capital Management LLC owned approximately 0.06% of Star Bulk Carriers Corp. worth $102,000 as of its most recent SEC filing. 75.53% of the stock is currently owned by institutional investors.
About Star Bulk Carriers Corp.
Star Bulk Carriers Corp. is an international shipping company. The Company owns and operates a fleet of dry bulk carrier vessels. The Company’s segment is operating dry bulk vessels. The Company will have a fleet of approximately 76 vessels consisting primarily of Newcastlemax and Capesize, as well as Kamsarmax, Ultramax and Supramax vessels, with a carrying capacity between 45,588 dwt and 209,537 deadweight tonnage (dwt).
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