Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Expected to Post Quarterly Sales of $54.35 Million


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Wall Street brokerages forecast that Eagle Bulk Shipping Inc. (NASDAQ:EGLE) will announce $54.35 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Eagle Bulk Shipping’s earnings, with the lowest sales estimate coming in at $50.97 million and the highest estimate coming in at $56.51 million. Eagle Bulk Shipping posted sales of $50.04 million during the same quarter last year, which indicates a positive year-over-year growth rate of 8.6%. The company is scheduled to issue its next quarterly earnings report on Wednesday, March 3rd.

On average, analysts expect that Eagle Bulk Shipping will report full year sales of $182.68 million for the current year, with estimates ranging from $180.57 million to $186.50 million. For the next year, analysts forecast that the business will post sales of $211.86 million, with estimates ranging from $205.75 million to $219.89 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Eagle Bulk Shipping.

Eagle Bulk Shipping (NASDAQ:EGLE) last issued its quarterly earnings results on Thursday, November 12th. The shipping company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.33). Eagle Bulk Shipping had a negative return on equity of 9.71% and a negative net margin of 17.08%. The firm had revenue of $48.55 million for the quarter, compared to analyst estimates of $47.55 million.

EGLE has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine lowered shares of Eagle Bulk Shipping from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 5th. Finally, Noble Financial restated a “buy” rating and set a $30.00 target price on shares of Eagle Bulk Shipping in a research report on Wednesday, December 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $24.66.

Shares of Eagle Bulk Shipping stock opened at $23.08 on Thursday. Eagle Bulk Shipping has a 52-week low of $8.89 and a 52-week high of $31.50. The company has a quick ratio of 1.27, a current ratio of 1.40 and a debt-to-equity ratio of 1.03. The company’s 50-day simple moving average is $19.34 and its 200-day simple moving average is $17.40. The firm has a market cap of $254.20 million, a price-to-earnings ratio of -5.10 and a beta of 1.41.

In other Eagle Bulk Shipping news, CEO Gary Vogel purchased 8,287 shares of the stock in a transaction dated Friday, December 18th. The shares were acquired at an average cost of $18.10 per share, for a total transaction of $149,994.70. Following the completion of the transaction, the chief executive officer now directly owns 168,124 shares of the company’s stock, valued at $3,043,044.40. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in EGLE. Goldman Sachs Group Inc. grew its position in shares of Eagle Bulk Shipping by 598.9% in the second quarter. Goldman Sachs Group Inc. now owns 242,616 shares of the shipping company’s stock valued at $531,000 after purchasing an additional 207,900 shares during the last quarter. First Trust Advisors LP acquired a new stake in shares of Eagle Bulk Shipping in the third quarter valued at approximately $456,000. Jane Street Group LLC acquired a new stake in shares of Eagle Bulk Shipping in the second quarter valued at approximately $34,000. Bank of America Corp DE grew its position in shares of Eagle Bulk Shipping by 2.0% in the second quarter. Bank of America Corp DE now owns 593,196 shares of the shipping company’s stock valued at $1,299,000 after purchasing an additional 11,710 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Eagle Bulk Shipping in the third quarter valued at approximately $26,000.

Eagle Bulk Shipping Company Profile

Eagle Bulk Shipping Inc, through its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including coal, grains, iron ore, fertilizers, steel products, petcoke, cement, and forest products.

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