Bank of America Corp DE Purchases 11,235 Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE)

Bank of America Corp DE grew its position in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) by 1.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 599,174 shares of the shipping company’s stock after acquiring an additional 11,235 shares during the quarter. Bank of America Corp DE owned about 0.82% of Eagle Bulk Shipping worth $3,140,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EGLE. Aperio Group LLC bought a new stake in shares of Eagle Bulk Shipping during the second quarter valued at approximately $42,000. Municipal Employees Retirement System of Michigan bought a new stake in shares of Eagle Bulk Shipping during the second quarter valued at approximately $471,000. Northern Trust Corp increased its holdings in shares of Eagle Bulk Shipping by 4.5% during the second quarter. Northern Trust Corp now owns 576,910 shares of the shipping company’s stock valued at $3,023,000 after acquiring an additional 24,717 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Eagle Bulk Shipping by 78.8% during the second quarter. Parametric Portfolio Associates LLC now owns 42,568 shares of the shipping company’s stock valued at $223,000 after acquiring an additional 18,754 shares in the last quarter. Finally, RMB Capital Management LLC bought a new stake in shares of Eagle Bulk Shipping during the second quarter valued at approximately $83,000. Hedge funds and other institutional investors own 85.33% of the company’s stock.

Several equities research analysts recently issued reports on the company. Noble Financial reiterated a “buy” rating and set a $6.00 price target on shares of Eagle Bulk Shipping in a report on Wednesday, September 11th. TheStreet downgraded Eagle Bulk Shipping from a “c” rating to a “d+” rating in a report on Wednesday, August 14th. Jefferies Financial Group assumed coverage on Eagle Bulk Shipping in a report on Tuesday, September 3rd. They set a “buy” rating and a $6.00 price target for the company. Zacks Investment Research upgraded Eagle Bulk Shipping from a “strong sell” rating to a “buy” rating and set a $5.00 price target for the company in a report on Tuesday, October 1st. Finally, ValuEngine upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $5.80.

Shares of Eagle Bulk Shipping stock opened at $4.48 on Friday. The stock has a fifty day simple moving average of $4.57 and a 200 day simple moving average of $4.86. Eagle Bulk Shipping Inc. has a 12-month low of $3.85 and a 12-month high of $5.92. The company has a market capitalization of $327.74 million, a P/E ratio of 24.89 and a beta of 1.24. The company has a current ratio of 1.03, a quick ratio of 0.85 and a debt-to-equity ratio of 0.66.

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

In other Eagle Bulk Shipping news, major shareholder Oaktree Capital Group Holdings acquired 1,000,000 shares of Eagle Bulk Shipping stock in a transaction on Thursday, July 25th. The stock was purchased at an average price of $4.76 per share, for a total transaction of $4,760,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gary Vogel sold 27,932 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.69, for a total value of $131,001.08. Following the completion of the transaction, the chief executive officer now owns 1,054,620 shares of the company’s stock, valued at approximately $4,946,167.80. The disclosure for this sale can be found here. Insiders have purchased 2,569,356 shares of company stock valued at $11,649,516 in the last quarter. 4.10% of the stock is currently owned by corporate insiders.

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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Institutional Ownership by Quarter for Eagle Bulk Shipping (NASDAQ:EGLE)

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