Star Bulk Carriers Corp. (NASDAQ:SBLK) posted its earnings results on Wednesday, May 24th. The shipping company reported ($0.21) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.04, Yahoo Finance reports. The business had revenue of $64.87 million during the quarter, compared to analyst estimates of $64.27 million. Star Bulk Carriers Corp. had a negative return on equity of 7.89% and a negative net margin of 50.28%.
Star Bulk Carriers Corp. (NASDAQ:SBLK) traded up 3.54% during trading on Friday, reaching $8.19. The company’s stock had a trading volume of 230,071 shares. The company’s market capitalization is $499.81 million. Star Bulk Carriers Corp. has a 12-month low of $2.61 and a 12-month high of $13.40. The firm’s 50-day moving average price is $8.42 and its 200 day moving average price is $8.52.
Several research analysts have recently commented on the company. Jefferies Group LLC reissued a “buy” rating and set a $11.00 price objective on shares of Star Bulk Carriers Corp. in a report on Friday, March 31st. Deutsche Bank AG raised Star Bulk Carriers Corp. from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.50 to $12.00 in a research note on Tuesday, February 21st. Morgan Stanley raised Star Bulk Carriers Corp. from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $3.00 to $15.00 in a research note on Tuesday, March 28th. Zacks Investment Research raised Star Bulk Carriers Corp. from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Wednesday, April 26th. Finally, Seaport Global Securities raised Star Bulk Carriers Corp. from a “neutral” rating to a “buy” rating and upped their target price for the stock from $11.50 to $13.00 in a research note on Friday, May 26th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $11.64.
A hedge fund recently raised its stake in Star Bulk Carriers Corp. stock. Morgan Stanley raised its stake in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 707.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,375 shares of the shipping company’s stock after buying an additional 20,479 shares during the period. Morgan Stanley’s holdings in Star Bulk Carriers Corp. were worth $277,000 as of its most recent SEC filing. 73.94% of the stock is currently owned by institutional investors and hedge funds.
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. As of December 31, 2016, the Company’s fleet included 73 vessels consisting primarily of Newcastlemax and Capesize, as well as Kamsarmax, Ultramax and Supramax vessels with a carrying capacity between 52,055 and 209,537 deadweight tonnage (dwt).
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