Alliance Global Partners initiated coverage on shares of Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) in a report released on Wednesday, Marketbeat.com reports. The firm issued a buy rating and a $85.00 price objective on the shipping company’s stock.
Several other equities research analysts have also recently weighed in on the stock. HC Wainwright increased their target price on shares of Eagle Bulk Shipping from $80.00 to $90.00 in a research note on Monday, May 9th. Clarkson Capital reiterated a buy rating on shares of Eagle Bulk Shipping in a research note on Tuesday, June 14th. Jefferies Financial Group began coverage on shares of Eagle Bulk Shipping in a research note on Wednesday, July 20th. They issued a buy rating and a $64.00 target price for the company. Finally, StockNews.com upgraded shares of Eagle Bulk Shipping from a hold rating to a buy rating in a research note on Tuesday, June 14th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and an average target price of $74.00.
Eagle Bulk Shipping Price Performance
Shares of Eagle Bulk Shipping stock opened at $50.99 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.37 and a quick ratio of 1.16. The company has a market cap of $698.05 million, a PE ratio of 2.63 and a beta of 1.35. The firm has a fifty day moving average price of $55.09 and a two-hundred day moving average price of $58.04. Eagle Bulk Shipping has a fifty-two week low of $36.21 and a fifty-two week high of $78.75.
Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) last released its earnings results on Thursday, May 5th. The shipping company reported $3.97 earnings per share for the quarter, beating the consensus estimate of $3.96 by $0.01. Eagle Bulk Shipping had a net margin of 41.71% and a return on equity of 44.68%. The business had revenue of $140.77 million during the quarter, compared to analysts’ expectations of $134.93 million. During the same quarter last year, the company earned $0.84 earnings per share. Analysts expect that Eagle Bulk Shipping will post 18.17 EPS for the current year.
Insiders Place Their Bets
In other news, CFO Costanzo Frank De sold 3,022 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $78.06, for a total transaction of $235,897.32. Following the completion of the sale, the chief financial officer now owns 52,323 shares of the company’s stock, valued at $4,084,333.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.20% of the company’s stock.
Institutional Trading of Eagle Bulk Shipping
Hedge funds have recently modified their holdings of the company. Watershed Asset Management L.L.C. increased its holdings in shares of Eagle Bulk Shipping by 8.9% in the second quarter. Watershed Asset Management L.L.C. now owns 4,750 shares of the shipping company’s stock valued at $246,000 after purchasing an additional 390 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Eagle Bulk Shipping by 15.8% in the second quarter. Royce & Associates LP now owns 94,254 shares of the shipping company’s stock valued at $4,890,000 after purchasing an additional 12,826 shares in the last quarter. Seven Eight Capital LP increased its holdings in shares of Eagle Bulk Shipping by 98.0% in the second quarter. Seven Eight Capital LP now owns 19,595 shares of the shipping company’s stock valued at $1,017,000 after purchasing an additional 9,697 shares in the last quarter. AE Wealth Management LLC increased its holdings in shares of Eagle Bulk Shipping by 78.2% in the second quarter. AE Wealth Management LLC now owns 15,204 shares of the shipping company’s stock valued at $789,000 after purchasing an additional 6,670 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Eagle Bulk Shipping by 4,220.8% in the second quarter. US Bancorp DE now owns 1,037 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 1,013 shares in the last quarter. Institutional investors and hedge funds own 72.13% of the company’s stock.
Eagle Bulk Shipping Company Profile
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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