Seaport Global Securities Comments on Eagle Bulk Shipping Inc.’s Q3 2017 Earnings (EGLE)

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) – Equities researchers at Seaport Global Securities lifted their Q3 2017 earnings per share estimates for shares of Eagle Bulk Shipping in a report issued on Tuesday. Seaport Global Securities analyst M. Fyhr now expects that the shipping company will earn ($0.13) per share for the quarter, up from their prior estimate of ($0.21). Seaport Global Securities also issued estimates for Eagle Bulk Shipping’s Q4 2017 earnings at ($0.17) EPS, FY2017 earnings at ($0.54) EPS and FY2018 earnings at ($0.33) EPS.

Other research analysts have also recently issued reports about the stock. BidaskClub cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. ValuEngine raised shares of Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a report on Thursday. Finally, Zacks Investment Research raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating and set a $5.00 price target for the company in a report on Monday.

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Shares of Eagle Bulk Shipping (NASDAQ:EGLE) opened at 4.40 on Friday. The stock’s 50 day moving average price is $4.52 and its 200-day moving average price is $5.11. Eagle Bulk Shipping has a 52-week low of $4.06 and a 52-week high of $12.45.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its earnings results on Monday, May 8th. The shipping company reported ($0.17) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.05. Eagle Bulk Shipping had a negative return on equity of 11.66% and a negative net margin of 100.90%. The firm had revenue of $45.86 million for the quarter, compared to analysts’ expectations of $31.30 million.

Several hedge funds have recently added to or reduced their stakes in EGLE. Rhumbline Advisers purchased a new stake in shares of Eagle Bulk Shipping during the second quarter worth about $206,000. Schwab Charles Investment Management Inc. bought a new position in shares of Eagle Bulk Shipping during the second quarter worth $306,000. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV raised its position in shares of Eagle Bulk Shipping by 60.0% in the second quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 160,000 shares of the shipping company’s stock worth $757,000 after buying an additional 60,000 shares during the period. Goldman Sachs Group Inc. bought a new position in shares of Eagle Bulk Shipping during the first quarter worth $821,000. Finally, Raynor Geoffrey raised its position in shares of Eagle Bulk Shipping by 3.2% in the first quarter. Raynor Geoffrey now owns 763,198 shares of the shipping company’s stock worth $3,912,000 after buying an additional 23,468 shares during the period. Institutional investors and hedge funds own 13.96% of the company’s stock.

Eagle Bulk Shipping Company Profile

Eagle Bulk Shipping Inc is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. The Company operates in the Handymax sector of the dry bulk industry, with particular emphasis on the Supramax class of vessels.

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