Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Receives $6.73 Consensus Target Price from Brokerages

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Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have been assigned a consensus rating of “Hold” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $6.73.

Several equities research analysts recently issued reports on the stock. Noble Financial reissued a “buy” rating and issued a $6.40 target price on shares of Eagle Bulk Shipping in a report on Friday, July 26th. ValuEngine lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Maxim Group set a $7.00 target price on shares of Eagle Bulk Shipping and gave the stock a “buy” rating in a report on Wednesday, May 8th. BidaskClub lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Finally, Zacks Investment Research lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th.

Eagle Bulk Shipping stock opened at $4.04 on Friday. The business has a 50 day moving average price of $4.98. The stock has a market cap of $299.94 million, a price-to-earnings ratio of 22.44 and a beta of 1.17. Eagle Bulk Shipping has a 12-month low of $3.85 and a 12-month high of $5.98. The company has a quick ratio of 0.85, a current ratio of 1.03 and a debt-to-equity ratio of 0.66.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its earnings results on Monday, July 29th. The shipping company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.01). The firm had revenue of $48.48 million during the quarter, compared to analysts’ expectations of $49.96 million. Eagle Bulk Shipping had a return on equity of 0.27% and a net margin of 1.03%. As a group, analysts predict that Eagle Bulk Shipping will post -0.04 EPS for the current fiscal year.

In related news, major shareholder Oaktree Capital Group Holdings acquired 550,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average cost of $4.32 per share, with a total value of $2,376,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Gary Vogel sold 7,250 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.59, for a total transaction of $40,527.50. Following the sale, the chief executive officer now directly owns 1,105,432 shares of the company’s stock, valued at $6,179,364.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 2,934,100 shares of company stock valued at $13,537,755. Insiders own 4.10% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Eagle Bulk Shipping by 4.0% in the 4th quarter. BlackRock Inc. now owns 2,438,317 shares of the shipping company’s stock worth $11,240,000 after acquiring an additional 93,472 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Eagle Bulk Shipping by 7.6% in the 4th quarter. Bank of New York Mellon Corp now owns 187,576 shares of the shipping company’s stock worth $864,000 after acquiring an additional 13,262 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Eagle Bulk Shipping by 13.4% in the 4th quarter. Northern Trust Corp now owns 551,591 shares of the shipping company’s stock worth $2,543,000 after acquiring an additional 65,326 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Eagle Bulk Shipping by 27.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock worth $7,231,000 after acquiring an additional 334,039 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Eagle Bulk Shipping by 14.6% in the 4th quarter. Geode Capital Management LLC now owns 752,393 shares of the shipping company’s stock worth $3,468,000 after acquiring an additional 95,850 shares during the last quarter. 84.20% of the stock is owned by institutional investors and hedge funds.

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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