ValuEngine Lowers Eagle Bulk Shipping (NASDAQ:EGLE) to Hold

ValuEngine lowered shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a buy rating to a hold rating in a research note released on Friday morning, ValuEngine reports.

Other equities research analysts have also issued research reports about the stock. Noble Financial reissued a buy rating and issued a $6.40 price target on shares of Eagle Bulk Shipping in a report on Friday, July 26th. Zacks Investment Research lowered shares of Eagle Bulk Shipping from a buy rating to a hold rating in a report on Tuesday, July 30th. BidaskClub downgraded shares of Eagle Bulk Shipping from a buy rating to a hold rating in a research note on Friday, July 19th. Finally, Maxim Group set a $7.00 target price on shares of Eagle Bulk Shipping and gave the company a buy rating in a research note on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $6.68.

Shares of Eagle Bulk Shipping stock opened at $4.23 on Friday. The company has a market cap of $309.45 million, a price-to-earnings ratio of 23.50 and a beta of 1.17. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.30 and a quick ratio of 1.13. The firm has a fifty day simple moving average of $5.09. Eagle Bulk Shipping has a 52-week low of $3.85 and a 52-week high of $5.98.

Eagle Bulk Shipping (NASDAQ:EGLE) last announced its quarterly 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 business had revenue of $48.48 million during the quarter, compared to the consensus estimate of $49.96 million. Eagle Bulk Shipping had a net margin of 1.03% and a return on equity of 0.27%. As a group, sell-side analysts forecast that Eagle Bulk Shipping will post -0.04 EPS for the current year.

In other news, major shareholder Oaktree Capital Group Holdings bought 146,200 shares of Eagle Bulk Shipping stock in a transaction dated Monday, June 3rd. The shares were bought at an average price of $4.62 per share, for a total transaction of $675,444.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gary Vogel sold 32,120 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $5.65, for a total transaction of $181,478.00. Following the completion of the sale, the chief executive officer now owns 1,105,432 shares in the company, valued at approximately $6,245,690.80. The disclosure for this sale can be found here. Insiders bought a total of 2,384,100 shares of company stock worth $11,161,755 in the last 90 days. 4.10% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of EGLE. BlackRock Inc. boosted its stake 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 valued at $11,240,000 after purchasing an additional 93,472 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Eagle Bulk Shipping by 7.6% during the 4th quarter. Bank of New York Mellon Corp now owns 187,576 shares of the shipping company’s stock worth $864,000 after buying an additional 13,262 shares in the last quarter. Northern Trust Corp lifted its position in Eagle Bulk Shipping by 13.4% during the 4th quarter. Northern Trust Corp now owns 551,591 shares of the shipping company’s stock worth $2,543,000 after buying an additional 65,326 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Eagle Bulk Shipping by 27.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock worth $7,231,000 after buying an additional 334,039 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Eagle Bulk Shipping by 14.6% during the 4th quarter. Geode Capital Management LLC now owns 752,393 shares of the shipping company’s stock worth $3,468,000 after buying an additional 95,850 shares in the last quarter. Institutional investors own 84.11% of the company’s stock.

Eagle Bulk Shipping Company Profile

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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