Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have earned an average rating of “Buy” from the eight research firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $6.68.

A number of brokerages have recently issued reports on EGLE. BidaskClub cut shares of Westport Fuel Systems from a “buy” rating to a “hold” rating in a research note on Friday. Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. ValuEngine raised shares of Zuora from a “hold” rating to a “buy” rating in a research note on Saturday, July 6th. Finally, Maxim Group set a $7.00 price objective on shares of Eagle Bulk Shipping and gave the stock a “buy” rating in a research note on Wednesday, May 8th.

EGLE stock traded down $0.03 during midday trading on Tuesday, reaching $5.19. 473,266 shares of the company’s stock traded hands, compared to its average volume of 272,806. Eagle Bulk Shipping has a 52-week low of $3.85 and a 52-week high of $6.09. The company has a market cap of $379.67 million, a PE ratio of 28.83 and a beta of 1.29. The company has a current ratio of 1.30, a quick ratio of 1.13 and a debt-to-equity ratio of 0.68. The stock’s 50-day moving average is $5.09.

Eagle Bulk Shipping (NASDAQ:EGLE) last announced its earnings results on Tuesday, May 7th. The shipping company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.10. Eagle Bulk Shipping had a net margin of 4.07% and a return on equity of 2.25%. The business had revenue of $51.48 million during the quarter, compared to analysts’ expectations of $47.72 million. Sell-side analysts anticipate that Eagle Bulk Shipping will post 0.09 earnings per share for the current fiscal year.

In related news, CEO Gary Vogel sold 7,250 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 1,105,432 shares of the company’s stock, valued at $6,179,364.88. The transaction was disclosed in a 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 business’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average cost of $4.70 per share, with a total value of $2,634,820.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 734,100 shares of company stock valued at $3,437,755 and sold 84,890 shares valued at $463,262. Corporate insiders own 4.10% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA grew its stake in Eagle Bulk Shipping by 465.6% during the first quarter. BNP Paribas Arbitrage SA now owns 9,943 shares of the shipping company’s stock valued at $46,000 after acquiring an additional 8,185 shares in the last quarter. West Chester Capital Advisors Inc. purchased a new position in Eagle Bulk Shipping during the first quarter valued at $47,000. Mraz Amerine & Associates Inc. purchased a new position in Eagle Bulk Shipping during the first quarter valued at $87,000. Paloma Partners Management Co purchased a new position in Eagle Bulk Shipping during the fourth quarter valued at $153,000. Finally, Rhumbline Advisers grew its stake in Eagle Bulk Shipping by 42.7% during the fourth quarter. Rhumbline Advisers now owns 68,656 shares of the shipping company’s stock valued at $317,000 after acquiring an additional 20,557 shares in the last quarter. 84.11% of the stock is owned by institutional investors.

About Eagle Bulk Shipping

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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