Wall Street analysts forecast that Eagle Bulk Shipping Inc. (NASDAQ:EGLE) will post sales of $57.15 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Eagle Bulk Shipping’s earnings. The highest sales estimate is $62.08 million and the lowest is $52.55 million. Eagle Bulk Shipping reported sales of $53.97 million in the same quarter last year, which indicates a positive year over year growth rate of 5.9%. The business is expected to announce its next quarterly earnings report on Tuesday, November 5th.
According to Zacks, analysts expect that Eagle Bulk Shipping will report full year sales of $222.88 million for the current financial year, with estimates ranging from $214.09 million to $230.54 million. For the next year, analysts forecast that the business will report sales of $284.39 million, with estimates ranging from $271.85 million to $308.74 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Eagle Bulk Shipping.
Eagle Bulk Shipping (NASDAQ:EGLE) last announced its quarterly earnings results on Monday, July 29th. The shipping company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The firm had revenue of $48.48 million for the quarter, compared to analysts’ expectations of $49.96 million. Eagle Bulk Shipping had a net margin of 1.03% and a return on equity of 0.27%.
In other Eagle Bulk Shipping news, major shareholder Oaktree Capital Group Holdings purchased 1,000,000 shares of the stock in a transaction on Thursday, July 25th. The stock was acquired at an average price of $4.76 per share, with a total value of $4,760,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary Vogel sold 32,120 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $5.65, for a total value of $181,478.00. Following the completion of the sale, the chief executive officer now directly owns 1,105,432 shares of the company’s stock, valued at approximately $6,245,690.80. The disclosure for this sale can be found here. Insiders acquired 2,569,356 shares of company stock worth $11,649,516 in the last quarter. 4.10% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Aperio Group LLC acquired a new stake in shares of Eagle Bulk Shipping during the second quarter worth about $42,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Eagle Bulk Shipping by 465.6% during the first quarter. BNP Paribas Arbitrage SA now owns 9,943 shares of the shipping company’s stock worth $46,000 after purchasing an additional 8,185 shares during the period. RMB Capital Management LLC acquired a new stake in shares of Eagle Bulk Shipping during the second quarter worth about $83,000. Mraz Amerine & Associates Inc. acquired a new stake in shares of Eagle Bulk Shipping during the first quarter worth about $87,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Eagle Bulk Shipping during the second quarter worth about $98,000. 85.33% of the stock is owned by institutional investors and hedge funds.
EGLE traded down $0.14 on Friday, hitting $4.36. The company had a trading volume of 7,995 shares, compared to its average volume of 414,245. The stock has a fifty day moving average price of $4.47 and a 200-day moving average price of $4.87. Eagle Bulk Shipping has a 12-month low of $3.85 and a 12-month high of $5.98. 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 stock has a market capitalization of $324.81 million, a price-to-earnings ratio of 24.14 and a beta of 1.28.
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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