Star Bulk Carriers (NASDAQ:SBLK) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a hold rating to a strong-buy rating in a report published on Thursday,Zacks.com reports.

Several other equities research analysts have also recently commented on SBLK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Star Bulk Carriers in a research note on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.00.

Star Bulk Carriers Stock Up 0.8%

SBLK stock opened at $19.37 on Thursday. The company has a current ratio of 1.72, a quick ratio of 1.56 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $19.04 and a two-hundred day moving average of $18.64. Star Bulk Carriers has a 12 month low of $12.06 and a 12 month high of $20.87. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 37.25 and a beta of 0.75.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Shareholders of record on Friday, December 5th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 2.3%. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Friday, December 5th. Star Bulk Carriers’s payout ratio is 84.62%.

Hedge Funds Weigh In On Star Bulk Carriers

Large investors have recently modified their holdings of the business. Triumph Capital Management acquired a new stake in shares of Star Bulk Carriers during the 3rd quarter worth about $26,000. Rhumbline Advisers boosted its stake 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 buying an additional 1,022 shares during the period. Sunbelt Securities Inc. purchased a new position in Star Bulk Carriers during the third quarter worth about $33,000. Morse Asset Management Inc acquired a new stake in shares of Star Bulk Carriers during the third quarter valued at about $37,000. Finally, Jones Financial Companies Lllp raised its stake in shares of Star Bulk Carriers by 50.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,381 shares of the shipping company’s stock valued at $46,000 after acquiring an additional 802 shares during the period. Institutional investors and hedge funds own 33.91% of the company’s stock.

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.