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

Star Bulk Carriers (NASDAQ:SBLK) was downgraded by 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.

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

Star Bulk Carriers Stock Performance

Shares of NASDAQ SBLK opened at $26.98 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.55 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.06 billion, a P/E ratio of 21.58 and a beta of 0.72. Star Bulk Carriers has a 12 month low of $16.21 and a 12 month high of $28.50. The stock has a 50 day moving average of $26.22 and a 200-day moving average of $23.51.

Insider Buying and Selling

In related news, COO Nikolaos Reskos sold 33,103 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $26.28, for a total value of $869,946.84. Following the completion of the sale, the chief operating officer directly owned 407,775 shares in the company, valued at $10,716,327. The trade was a 7.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nikolaos Karellis sold 20,000 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 108,103 shares of company stock worth $2,886,212.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. USA Financial Formulas bought a new stake in shares of Star Bulk Carriers in the fourth quarter valued at about $26,000. Triumph Capital Management bought a new position in Star Bulk Carriers during the third quarter worth about $26,000. Rhumbline Advisers increased its position in Star Bulk Carriers by 141.7% during the third quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company’s stock worth $32,000 after acquiring an additional 1,022 shares during the period. Sunbelt Securities Inc. acquired a new stake in Star Bulk Carriers in the 3rd quarter worth about $33,000. Finally, Leonteq Securities AG acquired a new stake in Star Bulk Carriers in the 4th quarter worth about $38,000. Institutional investors 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.