Eagle Bulk Shipping (EGLE) Stock Price Down 13%

Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) traded down 13% during trading on Thursday . The stock traded as low as $4.42 and last traded at $4.43. 614,839 shares changed hands during trading, an increase of 65% from the average session volume of 372,858 shares. The stock had previously closed at $5.09.

Several analysts have commented on the company. Noble Financial set a $6.00 target price on Eagle Bulk Shipping and gave the company a “buy” rating in a research note on Thursday, August 9th. Maxim Group upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating and increased their target price for the company from $6.00 to $7.50 in a research note on Wednesday, July 25th. BidaskClub upgraded Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. ValuEngine raised Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Finally, Zacks Investment Research cut Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Friday, August 10th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $7.17.

The firm has a market cap of $371.76 million, a price-to-earnings ratio of -10.20 and a beta of 1.73. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.76 and a quick ratio of 2.48.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings results on Tuesday, November 6th. The shipping company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $53.97 million for the quarter, compared to analysts’ expectations of $57.49 million. Eagle Bulk Shipping had a positive return on equity of 0.96% and a negative net margin of 3.52%. As a group, equities analysts anticipate that Eagle Bulk Shipping Inc. will post 0.2 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in shares of Eagle Bulk Shipping by 1.8% during the 2nd quarter. Bank of America Corp DE now owns 584,217 shares of the shipping company’s stock valued at $3,179,000 after buying an additional 10,288 shares during the period. Rhumbline Advisers lifted its holdings in shares of Eagle Bulk Shipping by 30.9% during the 2nd quarter. Rhumbline Advisers now owns 48,099 shares of the shipping company’s stock valued at $262,000 after buying an additional 11,344 shares during the period. Wells Fargo & Company MN raised its holdings in Eagle Bulk Shipping by 278.0% in the 1st quarter. Wells Fargo & Company MN now owns 22,573 shares of the shipping company’s stock worth $112,000 after purchasing an additional 16,601 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Eagle Bulk Shipping by 29.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 83,500 shares of the shipping company’s stock worth $455,000 after purchasing an additional 19,000 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Eagle Bulk Shipping by 319.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 26,944 shares of the shipping company’s stock worth $146,000 after purchasing an additional 20,514 shares during the period. 46.69% of the stock is currently owned by hedge funds and other institutional investors.

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Eagle Bulk Shipping Company Profile (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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