Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating) declared a quarterly dividend on Monday, August 8th, Wall Street Journal reports. Shareholders of record on Tuesday, August 16th will be paid a dividend of 2.20 per share by the shipping company on Friday, August 26th. This represents a $8.80 annualized dividend and a yield of 15.84%. The ex-dividend date of this dividend is Monday, August 15th. This is an increase from Eagle Bulk Shipping’s previous quarterly dividend of $2.00.
Eagle Bulk Shipping has a dividend payout ratio of 81.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Eagle Bulk Shipping to earn $13.68 per share next year, which means the company should continue to be able to cover its $8.80 annual dividend with an expected future payout ratio of 64.3%.
Eagle Bulk Shipping Trading Up 0.8 %
Shares of EGLE stock opened at $55.54 on Friday. The company has a market capitalization of $760.34 million, a PE ratio of 2.87 and a beta of 1.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.16 and a current ratio of 1.79. The business’s fifty day moving average is $53.21 and its 200 day moving average is $58.49. Eagle Bulk Shipping has a 52-week low of $36.21 and a 52-week high of $78.75.
Insider Activity at Eagle Bulk Shipping
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In related news, CFO Costanzo Frank De sold 3,022 shares of Eagle Bulk Shipping stock in a transaction on Monday, June 6th. The shares were sold at an average price of $78.06, for a total value of $235,897.32. Following the transaction, the chief financial officer now owns 52,323 shares in the company, valued at approximately $4,084,333.38. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.20% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Worth Asset Management LLC bought a new stake in shares of Eagle Bulk Shipping in the 1st quarter valued at about $35,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Eagle Bulk Shipping in the 2nd quarter worth approximately $66,000. Atria Wealth Solutions Inc. bought a new stake in Eagle Bulk Shipping in the first quarter valued at approximately $225,000. Toroso Investments LLC purchased a new stake in shares of Eagle Bulk Shipping during the first quarter valued at approximately $243,000. Finally, Delphia USA Inc. purchased a new stake in shares of Eagle Bulk Shipping during the first quarter valued at approximately $338,000. 72.13% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on EGLE. Clarkson Capital reissued a “buy” rating on shares of Eagle Bulk Shipping in a report on Tuesday, June 14th. StockNews.com lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Wednesday. Jefferies Financial Group started coverage on Eagle Bulk Shipping in a research note on Wednesday, July 20th. They issued a “buy” rating and a $64.00 target price on the stock. HC Wainwright lifted their price target on Eagle Bulk Shipping from $80.00 to $90.00 in a research note on Monday, May 9th. Finally, Alliance Global Partners started coverage on Eagle Bulk Shipping in a report on Wednesday, August 3rd. They issued a “buy” rating and a $85.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Eagle Bulk Shipping presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.00.
About Eagle Bulk Shipping
Eagle Bulk Shipping Inc 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 iron ore, coal, grains, fertilizers, steel products, petcoke, cement, and forest products. It serves miners, producers, traders, and end users.
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