Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have earned a consensus rating of “Hold” from the eight research firms that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $6.73.
EGLE has been the topic of several recent research reports. BidaskClub lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Maxim Group set a $7.00 target price on shares of Eagle Bulk Shipping and gave the company a “buy” rating in a research note on Wednesday, May 8th. Noble Financial reaffirmed a “buy” rating and issued a $6.40 target price on shares of Eagle Bulk Shipping in a research note on Friday, July 26th. Zacks Investment Research lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, ValuEngine lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd.
In related news, CEO Gary Vogel sold 7,250 shares of Eagle Bulk Shipping stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.59, for a total transaction of $40,527.50. Following the transaction, the chief executive officer now owns 1,105,432 shares of the company’s stock, valued at approximately $6,179,364.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Oaktree Capital Group Holdings acquired 310,056 shares of Eagle Bulk Shipping stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average cost of $4.20 per share, for a total transaction of $1,302,235.20. The disclosure for this purchase can be found here. Insiders bought a total of 3,244,156 shares of company stock worth $14,839,990 in the last ninety days. Insiders own 4.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Oaktree Capital Management LP boosted its stake in Eagle Bulk Shipping by 2.9% during the 2nd quarter. Oaktree Capital Management LP now owns 27,034,083 shares of the shipping company’s stock worth $141,658,000 after acquiring an additional 766,616 shares during the last quarter. BlackRock Inc. lifted its stake in Eagle Bulk Shipping by 30.7% in the second quarter. BlackRock Inc. now owns 3,323,264 shares of the shipping company’s stock valued at $17,414,000 after buying an additional 780,881 shares in the last quarter. Royce & Associates LP lifted its stake in Eagle Bulk Shipping by 14.3% in the first quarter. Royce & Associates LP now owns 2,031,307 shares of the shipping company’s stock valued at $9,446,000 after buying an additional 253,833 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Eagle Bulk Shipping by 27.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock valued at $7,231,000 after buying an additional 334,039 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Eagle Bulk Shipping by 14.6% in the fourth quarter. Geode Capital Management LLC now owns 752,393 shares of the shipping company’s stock valued at $3,468,000 after buying an additional 95,850 shares in the last quarter. 84.20% of the stock is currently owned by institutional investors and hedge funds.
EGLE traded up $0.10 during midday trading on Friday, hitting $4.28. The company had a trading volume of 251,300 shares, compared to its average volume of 1,017,600. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.85 and a current ratio of 1.03. The company has a market capitalization of $308.72 million, a PE ratio of 23.78 and a beta of 1.17. Eagle Bulk Shipping has a twelve month low of $3.85 and a twelve month high of $5.98. The firm’s 50-day simple moving average is $4.94 and its 200-day simple moving average is $4.88.
Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings data on Monday, July 29th. The shipping company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The company had revenue of $48.48 million during the quarter, compared to analyst estimates of $49.96 million. Eagle Bulk Shipping had a net margin of 1.03% and a return on equity of 0.27%. As a group, sell-side analysts anticipate that Eagle Bulk Shipping will post -0.04 EPS for the current fiscal year.
About Eagle Bulk Shipping
Eagle Bulk Shipping, Inc is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.
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