Star Bulk Carriers (NASDAQ:SBLK) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Star Bulk Carriers (NASDAQ:SBLK) posted its quarterly earnings results on Wednesday. The shipping company reported $0.62 earnings per share (EPS) 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 Stock Performance

SBLK traded down $0.40 on Wednesday, reaching $24.89. The stock had a trading volume of 2,835,899 shares, compared to its average volume of 1,372,570. The business’s 50-day moving average price is $21.42 and its two-hundred day moving average price is $19.75. The company has a market cap of $2.93 billion, a P/E ratio of 47.86 and a beta of 0.79. Star Bulk Carriers has a 12-month low of $12.06 and a 12-month high of $25.82. The company has a current ratio of 1.72, a quick ratio of 1.56 and a debt-to-equity ratio of 0.36.

Hedge Funds Weigh In On Star Bulk Carriers

Institutional investors and hedge funds have recently modified their holdings of the business. Pathstone Holdings LLC grew its holdings in Star Bulk Carriers by 343.1% in the third quarter. Pathstone Holdings LLC now owns 71,410 shares of the shipping company’s stock valued at $1,327,000 after purchasing an additional 55,294 shares during the period. Marex Group plc lifted its position in shares of Star Bulk Carriers by 337.2% during the 4th quarter. Marex Group plc now owns 51,954 shares of the shipping company’s stock valued at $999,000 after buying an additional 40,071 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Star Bulk Carriers by 673.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 49,471 shares of the shipping company’s stock valued at $853,000 after acquiring an additional 43,072 shares during the period. Inceptionr LLC acquired a new stake in Star Bulk Carriers in the 4th quarter valued at $669,000. Finally, Fox Run Management L.L.C. purchased a new stake in Star Bulk Carriers in the 4th quarter worth $648,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday, December 29th. Jefferies Financial Group reaffirmed a “buy” rating and set a $22.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 19th. Finally, Zacks Research cut Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Star Bulk Carriers currently has a consensus rating of “Hold” and a consensus price target of $22.00.

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.