Victory Capital Management Inc. boosted its position in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating) by 421.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,398 shares of the shipping company’s stock after acquiring an additional 146,608 shares during the quarter. Victory Capital Management Inc. owned 1.33% of Eagle Bulk Shipping worth $11,424,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of EGLE. Sigma Planning Corp bought a new position in shares of Eagle Bulk Shipping in the fourth quarter valued at about $276,000. American Century Companies Inc. raised its position in shares of Eagle Bulk Shipping by 30.4% in the fourth quarter. American Century Companies Inc. now owns 19,466 shares of the shipping company’s stock valued at $886,000 after purchasing an additional 4,543 shares during the period. Baird Financial Group Inc. bought a new position in shares of Eagle Bulk Shipping in the fourth quarter valued at about $722,000. Acadian Asset Management LLC raised its position in shares of Eagle Bulk Shipping by 139.0% in the fourth 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 during the period. Finally, Bailard Inc. raised its position in shares of Eagle Bulk Shipping by 44.4% in the fourth quarter. Bailard Inc. now owns 6,500 shares of the shipping company’s stock valued at $296,000 after purchasing an additional 2,000 shares during the period. 72.13% of the stock is owned by institutional investors.
Insider Activity
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 value of $235,897.32. Following the sale, the chief financial officer now directly owns 52,323 shares in the company, valued at approximately $4,084,333.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by corporate insiders.
Eagle Bulk Shipping Trading Up 4.5 %
Shares of Eagle Bulk Shipping stock opened at $50.99 on Friday. The company has a market capitalization of $698.05 million, a price-to-earnings ratio of 2.63 and a beta of 1.35. 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 12-month low of $36.21 and a 12-month high of $78.75. The firm’s 50-day moving average price is $55.09 and its two-hundred day moving average price is $58.04.
Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) last announced its quarterly earnings data 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 41.71% and a return on equity of 44.68%. The firm had revenue of $140.77 million for the quarter, compared to the consensus estimate of $134.93 million. During the same period in the prior year, the company posted $0.84 earnings per share. On average, analysts forecast that Eagle Bulk Shipping Inc. will post 18.17 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on EGLE shares. Jefferies Financial Group assumed coverage on shares of Eagle Bulk Shipping in a research report on Wednesday, July 20th. They issued a “buy” rating and a $64.00 price objective on the stock. Clarkson Capital restated a “buy” rating on shares of Eagle Bulk Shipping in a research note on Tuesday, June 14th. Alliance Global Partners assumed coverage on shares of Eagle Bulk Shipping in a research note on Wednesday. They issued a “buy” rating and a $85.00 price target on the stock. 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. 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Eagle Bulk Shipping has a consensus rating of “Buy” and a consensus target price of $74.00.
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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