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

Star Bulk Carriers (NASDAQ:SBLK) issued its earnings results on Wednesday. The shipping company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate 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 Down 1.6%

NASDAQ SBLK traded down $0.40 during trading on Wednesday, hitting $24.89. The company’s stock had a trading volume of 2,835,899 shares, compared to its average volume of 1,372,570. Star Bulk Carriers has a fifty-two week low of $12.06 and a fifty-two week high of $25.82. The company has a market cap of $2.93 billion, a PE ratio of 47.86 and a beta of 0.79. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.72 and a quick ratio of 1.56. The business’s 50 day simple moving average is $21.42 and its 200-day simple moving average is $19.75.

Institutional Trading of Star Bulk Carriers

Large investors have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in Star Bulk Carriers during the 4th quarter valued at approximately $2,505,000. Voloridge Investment Management LLC purchased a new stake in shares of Star Bulk Carriers during the fourth quarter valued at $3,808,000. Millennium Management LLC increased its position in shares of Star Bulk Carriers by 1,018.5% in the 4th quarter. Millennium Management LLC now owns 887,056 shares of the shipping company’s stock valued at $17,049,000 after acquiring an additional 807,751 shares during the period. ION Fund Management Ltd purchased a new position in Star Bulk Carriers in the 4th quarter worth $582,000. Finally, FIL Ltd acquired a new stake in Star Bulk Carriers during the 4th quarter worth about $6,632,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SBLK. Jefferies Financial Group reissued a “buy” rating and issued a $22.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 19th. Zacks Research lowered Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average 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.