Truist Financial Corp acquired a new stake in Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating) during the 1st quarter, Holdings Channel reports. The institutional investor acquired 7,464 shares of the shipping company’s stock, valued at approximately $509,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. CHURCHILL MANAGEMENT Corp acquired a new position in shares of Eagle Bulk Shipping in the 1st quarter valued at about $12,815,000. Relyea Zuckerberg Hanson LLC lifted its stake in shares of Eagle Bulk Shipping by 30.2% in the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 144,991 shares of the shipping company’s stock valued at $9,198,000 after purchasing an additional 33,643 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of Eagle Bulk Shipping by 139.0% in the 4th quarter. Acadian Asset Management LLC now owns 138,966 shares of the shipping company’s stock valued at $6,322,000 after purchasing an additional 80,817 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Eagle Bulk Shipping by 23.4% during the 4th quarter. Victory Capital Management Inc. now owns 34,790 shares of the shipping company’s stock valued at $1,583,000 after buying an additional 6,590 shares during the period. Finally, Public Sector Pension Investment Board purchased a new stake in shares of Eagle Bulk Shipping during the 4th quarter valued at about $1,502,000. 72.13% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, CFO Costanzo Frank De sold 3,022 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $78.06, for a total value of $235,897.32. Following the completion of the sale, the chief financial officer now directly owns 52,323 shares in the company, valued at approximately $4,084,333.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.20% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on EGLE shares. Jefferies Financial Group started coverage on Eagle Bulk Shipping in a report on Wednesday, July 20th. They set a “buy” rating and a $64.00 target price on the stock. Clarkson Capital reiterated a “buy” rating on shares of Eagle Bulk Shipping in a report on Tuesday, June 14th. StockNews.com upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Finally, HC Wainwright raised their target price on Eagle Bulk Shipping from $80.00 to $90.00 in a report on Monday, May 9th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $71.25.
Eagle Bulk Shipping Price Performance
EGLE stock opened at $51.72 on Wednesday. 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 Inc. has a 52-week low of $36.21 and a 52-week high of $78.75. The stock’s 50 day moving average is $57.77 and its two-hundred day moving average is $57.60. The company has a market capitalization of $708.20 million, a PE ratio of 3.61 and a beta of 1.40.
Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) last posted its quarterly earnings data on Thursday, May 5th. The shipping company reported $3.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.96 by $0.01. Eagle Bulk Shipping had a return on equity of 40.41% and a net margin of 33.43%. The company had revenue of $140.77 million for the quarter, compared to the consensus estimate of $134.93 million. During the same period in the previous year, the business earned $0.84 EPS. Analysts predict that Eagle Bulk Shipping Inc. will post 18.17 earnings per share for the current fiscal 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 $2.00 dividend. The ex-dividend date was Friday, May 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 15.47%. Eagle Bulk Shipping’s dividend payout ratio (DPR) is 55.83%.
Eagle Bulk Shipping 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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