West Chester Capital Advisors Inc. acquired a new stake in Eagle Bulk Shipping Inc. (NASDAQ:EGLE) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 10,000 shares of the shipping company’s stock, valued at approximately $47,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of EGLE. Bank of New York Mellon Corp increased its stake in shares of Eagle Bulk Shipping by 44.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 174,314 shares of the shipping company’s stock worth $980,000 after acquiring an additional 53,297 shares during the last quarter. Credit Suisse AG increased its position in shares of Eagle Bulk Shipping by 746.3% during the 3rd quarter. Credit Suisse AG now owns 123,285 shares of the shipping company’s stock worth $692,000 after purchasing an additional 108,717 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Eagle Bulk Shipping by 34.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,234,510 shares of the shipping company’s stock worth $6,938,000 after purchasing an additional 316,274 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Eagle Bulk Shipping during the 3rd quarter worth about $417,000. Finally, Macquarie Group Ltd. purchased a new position in Eagle Bulk Shipping during the 3rd quarter valued at about $109,000. 81.56% of the stock is owned by hedge funds and other institutional investors.
EGLE has been the subject of a number of research analyst reports. Morgan Stanley set a $5.00 target price on Eagle Bulk Shipping and gave the company a “hold” rating in a report on Friday, February 15th. Noble Financial reissued a “buy” rating and set a $6.40 target price on shares of Eagle Bulk Shipping in a research report on Friday, March 8th. BidaskClub raised Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research report on Wednesday, February 13th. Maxim Group reissued a “buy” rating and set a $7.00 target price on shares of Eagle Bulk Shipping in a research report on Wednesday, January 23rd. Finally, TheStreet raised Eagle Bulk Shipping from a “d+” rating to a “c” rating in a research report on Wednesday, March 6th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Eagle Bulk Shipping has a consensus rating of “Buy” and a consensus price target of $6.61.
Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings results on Tuesday, March 5th. The shipping company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $61.97 million for the quarter, compared to analyst estimates of $61.14 million. Eagle Bulk Shipping had a return on equity of 2.67% and a net margin of 4.06%. Equities analysts expect that Eagle Bulk Shipping Inc. will post -0.01 EPS for the current fiscal year.
In other news, major shareholder Goldentree Asset Management Lp purchased 66,253 shares of the business’s stock in a transaction on Friday, February 8th. The shares were bought at an average price of $3.97 per share, with a total value of $263,024.41. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Oaktree Capital Group Holdings purchased 32,516 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $152,500.04. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 1,630,458 shares of company stock worth $7,241,075. 3.70% of the stock is currently owned by corporate insiders.
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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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