Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Receives Average Rating of “Buy” from Analysts

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) has been given an average recommendation of “Buy” by the eight analysts that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $6.73.

Several research analysts recently issued reports on EGLE shares. TheStreet raised shares of Eagle Bulk Shipping from a “d+” rating to a “c” rating in a report on Wednesday, March 6th. Maxim Group set a $7.00 target price on shares of Eagle Bulk Shipping and gave the company a “buy” rating in a report on Thursday, March 7th. Noble Financial reaffirmed a “buy” rating and issued a $6.40 target price on shares of Eagle Bulk Shipping in a report on Friday, March 8th. Finally, BidaskClub cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Thursday, May 30th.

In other news, CEO Gary Vogel sold 45,520 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $5.30, for a total value of $241,256.00. Following the sale, the chief executive officer now directly owns 1,147,032 shares in the company, valued at $6,079,269.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Oaktree Capital Group Holdings purchased 157,931 shares of the stock in a transaction dated Friday, March 29th. The stock was acquired at an average price of $4.54 per share, for a total transaction of $717,006.74. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 924,547 shares of company stock valued at $4,307,262. 4.10% of the stock is currently owned by corporate insiders.



Several hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its position in shares of Eagle Bulk Shipping by 465.6% in the first quarter. BNP Paribas Arbitrage SA now owns 9,943 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 8,185 shares during the last quarter. West Chester Capital Advisors Inc. acquired a new stake in shares of Eagle Bulk Shipping in the first quarter valued at approximately $47,000. Bank of New York Mellon Corp grew its position in shares of Eagle Bulk Shipping by 7.6% in the fourth quarter. Bank of New York Mellon Corp now owns 187,576 shares of the shipping company’s stock valued at $864,000 after purchasing an additional 13,262 shares during the last quarter. Mraz Amerine & Associates Inc. acquired a new stake in Eagle Bulk Shipping during the first quarter worth approximately $87,000. Finally, Rhumbline Advisers boosted its position in Eagle Bulk Shipping by 42.7% during the fourth quarter. Rhumbline Advisers now owns 68,656 shares of the shipping company’s stock worth $317,000 after acquiring an additional 20,557 shares during the last quarter. Institutional investors and hedge funds own 84.11% of the company’s stock.

NASDAQ EGLE traded up $0.10 during trading hours on Friday, hitting $4.69. 5,543 shares of the stock were exchanged, compared to its average volume of 256,610. The company has a market cap of $342.34 million, a P/E ratio of 26.00 and a beta of 1.18. Eagle Bulk Shipping has a 12-month low of $3.85 and a 12-month high of $6.09. The stock has a 50-day moving average of $4.96. The company has a current ratio of 1.30, a quick ratio of 1.13 and a debt-to-equity ratio of 0.68.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Tuesday, May 7th. The shipping company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.10. The firm had revenue of $51.48 million during the quarter, compared to analysts’ expectations of $47.72 million. Eagle Bulk Shipping had a net margin of 4.07% and a return on equity of 2.25%. On average, analysts expect that Eagle Bulk Shipping will post 0.09 earnings per share for the current year.

Eagle Bulk Shipping Company Profile

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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