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Star Bulk Carriers Corp. Raised to Hold at Zacks Investment Research

Star Bulk Carriers Corp. was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors.

According to Zacks, “STAR BULK is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols SBLK and SBLKW respectively. Currently, Star Bulk has an operating fleet of nine dry bulk carriers, plus definitive agreement to acquire two further dry bulk carriers. “

SBLK has been the subject of several other reports. TheStreet raised shares of Star Bulk Carriers Corp. from a “d+” rating to a “c” rating in a report on Wednesday, August 9th. BidaskClub cut shares of Star Bulk Carriers Corp. from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Pareto Securities raised shares of Star Bulk Carriers Corp. from a “hold” rating to a “buy” rating in a report on Friday, September 8th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $12.50.

Star Bulk Carriers Corp. (SBLK) opened at 9.58 on Wednesday. Star Bulk Carriers Corp. has a 52-week low of $4.04 and a 52-week high of $13.40. The company’s market capitalization is $604.19 million. The stock’s 50 day moving average is $10.88 and its 200-day moving average is $9.92.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Neuberger Berman Group LLC increased its holdings in Star Bulk Carriers Corp. by 3.5% during the second quarter. Neuberger Berman Group LLC now owns 31,146 shares of the shipping company’s stock valued at $306,000 after buying an additional 1,052 shares during the last quarter. Westpac Banking Corp increased its holdings in Star Bulk Carriers Corp. by 13.8% during the second quarter. Westpac Banking Corp now owns 31,820 shares of the shipping company’s stock valued at $313,000 after buying an additional 3,859 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Star Bulk Carriers Corp. by 12.8% during the second quarter. Goldman Sachs Group Inc. now owns 49,515 shares of the shipping company’s stock valued at $487,000 after buying an additional 5,619 shares during the last quarter. Investment Centers of America Inc. purchased a new stake in Star Bulk Carriers Corp. during the first quarter valued at approximately $118,000. Finally, Capital Fund Management S.A. purchased a new stake in Star Bulk Carriers Corp. during the second quarter valued at approximately $103,000. 75.03% of the stock is owned by hedge funds and other institutional investors.
Source: MarketBeat

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