National Asset Management Inc. acquired a new position in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,500 shares of the shipping company’s stock, valued at approximately $1,056,000.
Other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp acquired a new position in shares of Eagle Bulk Shipping during the 1st quarter worth about $51,000. Counterpoint Mutual Funds LLC acquired a new position in Eagle Bulk Shipping in the 1st quarter valued at about $69,000. Williams Jones Wealth Management LLC. acquired a new position in Eagle Bulk Shipping in the 4th quarter valued at about $243,000. Sigma Planning Corp acquired a new position in Eagle Bulk Shipping in the 4th quarter valued at about $276,000. Finally, Bailard Inc. grew its stake in Eagle Bulk Shipping by 44.4% in the 4th quarter. Bailard Inc. now owns 6,500 shares of the shipping company’s stock valued at $296,000 after buying an additional 2,000 shares during the last quarter. 72.13% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Eagle Bulk Shipping
In other news, CFO Costanzo Frank De sold 3,022 shares of the company’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 approximately $4,084,333.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.20% of the stock is currently owned by insiders.
Eagle Bulk Shipping Stock Performance
Shares of NASDAQ:EGLE opened at $51.12 on Monday. The company’s 50 day moving average price is $58.35 and its two-hundred day moving average price is $57.60. Eagle Bulk Shipping Inc. has a 12-month low of $36.21 and a 12-month high of $78.75. The firm has a market cap of $699.99 million, a PE ratio of 3.57 and a beta of 1.40. The company has a quick ratio of 1.16, a current ratio of 1.37 and a debt-to-equity ratio of 0.48.
Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) last announced its earnings results on Thursday, May 5th. The shipping company reported $3.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.96 by $0.01. Eagle Bulk Shipping had a net margin of 33.43% and a return on equity of 40.41%. The firm had revenue of $140.77 million for the quarter, compared to analyst estimates of $134.93 million. During the same quarter in the prior year, the business posted $0.84 EPS. Equities research analysts predict that Eagle Bulk Shipping Inc. will post 18.17 earnings per share for the current year.
Eagle Bulk Shipping Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 25th. Stockholders of record on Monday, May 16th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 15.65%. The ex-dividend date of this dividend was Friday, May 13th. Eagle Bulk Shipping’s dividend payout ratio (DPR) is presently 55.83%.
Wall Street Analyst Weigh In
EGLE has been the topic of a number of research reports. StockNews.com upgraded shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research note on Tuesday, June 14th. Clarkson Capital reiterated a “buy” rating on shares of Eagle Bulk Shipping in a research note on Tuesday, June 14th. Jefferies Financial Group initiated coverage on shares of Eagle Bulk Shipping in a research note on Wednesday, July 20th. They issued a “buy” rating and a $64.00 price target on the stock. Finally, HC Wainwright upped their price target on shares of Eagle Bulk Shipping from $80.00 to $90.00 in a research note on Monday, May 9th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $71.25.
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.
Further Reading
Want to see what other hedge funds are holding EGLE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating).
Receive News & Ratings for Eagle Bulk Shipping Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Eagle Bulk Shipping and related companies with MarketBeat.com’s FREE daily email newsletter.
