Eagle Bulk Shipping (NASDAQ:EGLE) Trading 5.6% Higher

Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) traded up 5.6% during trading on Monday . The stock traded as high as $4.55 and last traded at $4.52, 378,476 shares traded hands during mid-day trading. A decline of 5% from the average session volume of 397,292 shares. The stock had previously closed at $4.28.

Several analysts have commented on the stock. Maxim Group set a $7.00 price objective on shares of Eagle Bulk Shipping and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Zacks Investment Research lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Noble Financial reaffirmed a “buy” rating and issued a $6.40 price objective on shares of Eagle Bulk Shipping in a research report on Friday, July 26th. TheStreet lowered shares of Eagle Bulk Shipping from a “c” rating to a “d+” rating in a research report on Wednesday, August 14th. Finally, BidaskClub lowered shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $6.68.

The firm’s 50-day moving average price is $4.86 and its 200-day moving average price is $4.88. The company has a quick ratio of 0.85, a current ratio of 1.03 and a debt-to-equity ratio of 0.66. The company has a market cap of $335.80 million, a P/E ratio of 25.28 and a beta of 1.17.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Monday, July 29th. The shipping company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Eagle Bulk Shipping had a net margin of 1.03% and a return on equity of 0.27%. The business had revenue of $48.48 million during the quarter, compared to the consensus estimate of $49.96 million. As a group, analysts forecast that Eagle Bulk Shipping Inc. will post -0.04 earnings per share for the current year.

In related news, CEO Gary Vogel sold 7,250 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.59, for a total transaction of $40,527.50. Following the sale, the chief executive officer now owns 1,105,432 shares of the company’s stock, valued at approximately $6,179,364.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Oaktree Capital Group Holdings bought 560,600 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $2,634,820.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 3,244,156 shares of company stock worth $14,839,990. Insiders own 4.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in Eagle Bulk Shipping by 7.6% during the fourth quarter. Bank of New York Mellon Corp now owns 187,576 shares of the shipping company’s stock valued at $864,000 after purchasing an additional 13,262 shares in the last quarter. Northern Trust Corp boosted its holdings in Eagle Bulk Shipping by 13.4% during the fourth quarter. Northern Trust Corp now owns 551,591 shares of the shipping company’s stock valued at $2,543,000 after purchasing an additional 65,326 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Eagle Bulk Shipping by 27.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock valued at $7,231,000 after purchasing an additional 334,039 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Eagle Bulk Shipping by 14.6% during the fourth quarter. Geode Capital Management LLC now owns 752,393 shares of the shipping company’s stock valued at $3,468,000 after purchasing an additional 95,850 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Eagle Bulk Shipping by 3.7% during the fourth quarter. Bank of America Corp DE now owns 615,326 shares of the shipping company’s stock valued at $2,837,000 after purchasing an additional 22,188 shares in the last quarter. 84.52% of the stock is currently owned by institutional investors and hedge funds.

About Eagle Bulk Shipping (NASDAQ:EGLE)

Eagle Bulk Shipping, Inc is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.

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