Eagle Bulk Shipping (NASDAQ:EGLE) Trading 8.4% Higher

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Eagle Bulk Shipping Inc. (NASDAQ:EGLE)’s share price traded up 8.4% during trading on Monday . The company traded as high as $2.33 and last traded at $2.32, 456,048 shares changed hands during trading. A decline of 22% from the average session volume of 584,978 shares. The stock had previously closed at $2.14.

A number of analysts recently commented on the company. ValuEngine upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. B. Riley lowered their target price on Eagle Bulk Shipping from $6.00 to $4.50 and set a “buy” rating on the stock in a research note on Friday, April 17th. DNB Markets lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating and set a $4.10 target price on the stock. in a research note on Monday, March 9th. Noble Financial restated a “buy” rating and issued a $4.80 target price on shares of Eagle Bulk Shipping in a research note on Monday, May 11th. Finally, Zacks Investment Research upgraded Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research note on Thursday, May 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. Eagle Bulk Shipping currently has a consensus rating of “Hold” and an average target price of $4.50.

The company has a debt-to-equity ratio of 0.96, a current ratio of 1.35 and a quick ratio of 1.18. The company has a 50-day moving average price of $2.08 and a two-hundred day moving average price of $2.77.

Eagle Bulk Shipping (NASDAQ:EGLE) last announced its quarterly earnings results on Thursday, May 7th. The shipping company reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.10. The company had revenue of $47.81 million during the quarter, compared to analysts’ expectations of $47.15 million. Eagle Bulk Shipping had a negative return on equity of 5.01% and a negative net margin of 8.73%. As a group, analysts anticipate that Eagle Bulk Shipping Inc. will post -0.27 EPS for the current year.

A number of institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in Eagle Bulk Shipping by 5.3% during the first quarter. Geode Capital Management LLC now owns 952,593 shares of the shipping company’s stock worth $1,762,000 after buying an additional 48,352 shares in the last quarter. State Street Corp grew its position in Eagle Bulk Shipping by 7.1% during the first quarter. State Street Corp now owns 836,864 shares of the shipping company’s stock worth $1,548,000 after buying an additional 55,152 shares in the last quarter. Relyea Zuckerberg Hanson LLC grew its position in Eagle Bulk Shipping by 21.2% during the first quarter. Relyea Zuckerberg Hanson LLC now owns 547,646 shares of the shipping company’s stock worth $1,013,000 after buying an additional 95,768 shares in the last quarter. Victory Capital Management Inc. grew its position in Eagle Bulk Shipping by 4.8% during the first quarter. Victory Capital Management Inc. now owns 429,804 shares of the shipping company’s stock worth $795,000 after buying an additional 19,604 shares in the last quarter. Finally, Hawk Ridge Capital Management LP purchased a new position in Eagle Bulk Shipping during the fourth quarter worth about $1,773,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

About Eagle Bulk Shipping (NASDAQ:EGLE)

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.

See Also: Arbitrage

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