Equities analysts expect that Eagle Bulk Shipping Inc. (NASDAQ:EGLE) will announce $0.72 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Eagle Bulk Shipping’s earnings. The highest EPS estimate is $1.19 and the lowest is $0.20. Eagle Bulk Shipping posted earnings per share of ($0.35) in the same quarter last year, which would indicate a positive year-over-year growth rate of 305.7%. The company is expected to announce its next quarterly earnings results after the market closes on Thursday, May 6th.
According to Zacks, analysts expect that Eagle Bulk Shipping will report full year earnings of $4.71 per share for the current financial year, with EPS estimates ranging from $1.68 to $9.17. For the next fiscal year, analysts forecast that the firm will report earnings of $3.38 per share, with EPS estimates ranging from $1.20 to $5.68. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that cover Eagle Bulk Shipping.
Eagle Bulk Shipping (NASDAQ:EGLE) last issued its earnings results on Friday, March 5th. The shipping company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.28. The firm had revenue of $55.59 million during the quarter, compared to analysts’ expectations of $54.35 million. Eagle Bulk Shipping had a negative return on equity of 9.71% and a negative net margin of 17.08%.
Several brokerages recently commented on EGLE. B. Riley raised their target price on Eagle Bulk Shipping from $27.25 to $42.00 and gave the stock a “buy” rating in a research report on Monday, March 8th. Zacks Investment Research raised Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research report on Tuesday, January 12th. BTIG Research lifted their price objective on Eagle Bulk Shipping from $40.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday. TheStreet raised Eagle Bulk Shipping from a “d+” rating to a “c-” rating in a report on Monday, April 5th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $38.00 price objective on shares of Eagle Bulk Shipping in a report on Thursday, March 25th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $31.82.
In related news, major shareholder Oaktree Capital Group Holdings sold 5,804 shares of Eagle Bulk Shipping stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $39.62, for a total value of $229,954.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Costanzo Frank De sold 952 shares of Eagle Bulk Shipping stock in a transaction dated Wednesday, April 21st. The stock was sold at an average price of $42.35, for a total value of $40,317.20. Following the completion of the sale, the chief financial officer now owns 45,425 shares of the company’s stock, valued at $1,923,748.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 343,294 shares of company stock valued at $12,784,720. 4.10% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Citigroup Inc. increased its position in Eagle Bulk Shipping by 337.3% in the fourth quarter. Citigroup Inc. now owns 1,325 shares of the shipping company’s stock worth $25,000 after purchasing an additional 1,022 shares during the period. TCI Wealth Advisors Inc. acquired a new stake in Eagle Bulk Shipping in the fourth quarter worth about $27,000. Squarepoint Ops LLC acquired a new stake in Eagle Bulk Shipping in the fourth quarter worth about $206,000. Sippican Capital Advisors acquired a new stake in Eagle Bulk Shipping in the fourth quarter worth about $211,000. Finally, Skandinaviska Enskilda Banken AB publ bought a new position in Eagle Bulk Shipping during the fourth quarter worth about $240,000. Hedge funds and other institutional investors own 78.32% of the company’s stock.
EGLE stock traded down $1.58 during midday trading on Tuesday, hitting $44.82. The stock had a trading volume of 5,173 shares, compared to its average volume of 121,580. The firm has a market capitalization of $557.70 million, a price-to-earnings ratio of -9.91 and a beta of 1.46. Eagle Bulk Shipping has a 52 week low of $8.89 and a 52 week high of $47.79. The stock has a 50-day simple moving average of $38.52 and a 200 day simple moving average of $25.65. The company has a current ratio of 1.40, a quick ratio of 1.27 and a debt-to-equity ratio of 1.03.
About Eagle Bulk Shipping
Eagle Bulk Shipping Inc engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including iron ore, coal, grains, fertilizers, steel products, petcoke, cement, and forest products. It serves miners, producers, traders, and end users.
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