Harvey Capital Management Inc. Has $1.79 Million Stock Position in Eagle Bulk Shipping Inc. (NASDAQ:EGLE)

Harvey Capital Management Inc. cut its stake in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLEGet Rating) by 8.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,225 shares of the shipping company’s stock after selling 2,525 shares during the period. Harvey Capital Management Inc. owned approximately 0.19% of Eagle Bulk Shipping worth $1,786,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new position in Eagle Bulk Shipping during the first quarter worth about $51,000. Williams Jones Wealth Management LLC. acquired a new stake in shares of Eagle Bulk Shipping in the 4th quarter valued at approximately $243,000. American International Group Inc. boosted its stake in Eagle Bulk Shipping by 4.8% during the 3rd quarter. American International Group Inc. now owns 4,891 shares of the shipping company’s stock worth $247,000 after acquiring an additional 222 shares during the last quarter. Sigma Planning Corp acquired a new position in Eagle Bulk Shipping during the fourth quarter valued at approximately $276,000. Finally, Bailard Inc. increased its stake in Eagle Bulk Shipping by 44.4% in the fourth quarter. Bailard Inc. now owns 6,500 shares of the shipping company’s stock valued at $296,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 72.13% of the company’s stock.

EGLE stock opened at $47.30 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.37 and a quick ratio of 1.16. The stock has a market capitalization of $647.54 million, a P/E ratio of 3.30 and a beta of 1.40. The business has a 50-day moving average of $63.08 and a 200-day moving average of $57.23. Eagle Bulk Shipping Inc. has a fifty-two week low of $36.18 and a fifty-two week high of $78.75.

Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) last released its earnings results on Thursday, May 5th. The shipping company reported $3.97 EPS for the quarter, beating the consensus estimate of $3.96 by $0.01. The firm had revenue of $140.77 million for the quarter, compared to analysts’ expectations of $134.93 million. Eagle Bulk Shipping had a return on equity of 40.41% and a net margin of 33.43%. During the same quarter in the previous year, the business posted $0.84 EPS. Equities analysts expect that Eagle Bulk Shipping Inc. will post 18.17 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 25th. Investors of record on Monday, May 16th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 16.91%. The ex-dividend date of this dividend was Friday, May 13th. Eagle Bulk Shipping’s payout ratio is 55.83%.

In related news, CEO Gary Vogel sold 29,441 shares of the firm’s stock in a transaction on Tuesday, April 19th. The shares were sold at an average price of $67.66, for a total value of $1,991,978.06. Following the completion of the transaction, the chief executive officer now directly owns 167,686 shares of the company’s stock, valued at $11,345,634.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Costanzo Frank De sold 3,022 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $78.06, for a total transaction of $235,897.32. Following the sale, the chief financial officer now directly owns 52,323 shares in the company, valued at $4,084,333.38. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.

A number of equities analysts have recently weighed in on the stock. StockNews.com raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research report on Tuesday, June 14th. Jefferies Financial Group initiated coverage on Eagle Bulk Shipping in a report on Wednesday, April 27th. They set a “buy” rating on the stock. B. Riley increased their price target on Eagle Bulk Shipping from $62.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, March 7th. HC Wainwright lifted their price objective on Eagle Bulk Shipping from $80.00 to $90.00 in a report on Monday, May 9th. Finally, Clarkson Capital reissued a “buy” rating on shares of Eagle Bulk Shipping in a research note on Tuesday, June 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $73.67.

Eagle Bulk Shipping Profile (Get Rating)

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.

See Also

Institutional Ownership by Quarter for Eagle Bulk Shipping (NASDAQ:EGLE)

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