Eagle Bulk Shipping (NASDAQ:EGLE) Downgraded by TheStreet to “D+”

TheStreet cut shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a c rating to a d+ rating in a report issued on Wednesday, TheStreetRatingsTable reports.

Several other brokerages have also issued reports on EGLE. Noble Financial reiterated a buy rating and issued a $6.40 price target on shares of Eagle Bulk Shipping in a research note on Friday, July 26th. ValuEngine lowered shares of Eagle Bulk Shipping from a buy rating to a hold rating in a research note on Friday, August 2nd. Maxim Group set a $7.00 price target on shares of Eagle Bulk Shipping and gave the stock a buy rating in a research note on Wednesday, May 8th. BidaskClub lowered shares of Eagle Bulk Shipping from a buy rating to a hold rating in a research note on Friday, July 19th. Finally, Zacks Investment Research lowered shares of Eagle Bulk Shipping from a buy rating to a hold rating in a research note on Tuesday, July 30th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $6.68.

Shares of Eagle Bulk Shipping stock traded up $0.05 during trading on Wednesday, hitting $4.23. The company’s stock had a trading volume of 44,061 shares, compared to its average volume of 1,012,600. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.85 and a current ratio of 1.03. The company has a fifty day simple moving average of $4.95 and a two-hundred day simple moving average of $4.88. The company has a market capitalization of $317.50 million, a PE ratio of 23.50 and a beta of 1.17. Eagle Bulk Shipping has a 52 week low of $3.85 and a 52 week high of $5.98.

Eagle Bulk Shipping (NASDAQ:EGLE) last issued 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). The business had revenue of $48.48 million during the quarter, compared to the consensus estimate of $49.96 million. Eagle Bulk Shipping had a return on equity of 0.27% and a net margin of 1.03%. As a group, analysts predict that Eagle Bulk Shipping will post -0.04 EPS for the current year.

In other Eagle Bulk Shipping news, CEO Gary Vogel sold 7,250 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,105,432 shares in the company, valued at approximately $6,179,364.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Oaktree Capital Group Holdings acquired 1,000,000 shares of Eagle Bulk Shipping stock in a transaction on Thursday, July 25th. The shares were purchased at an average price of $4.76 per share, with a total value of $4,760,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 3,244,156 shares of company stock valued at $14,839,990. 4.10% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Oaktree Capital Management LP grew its stake in shares of Eagle Bulk Shipping by 0.6% in the first quarter. Oaktree Capital Management LP now owns 26,267,467 shares of the shipping company’s stock worth $122,143,000 after acquiring an additional 157,931 shares during the period. BlackRock Inc. grew its stake in shares of Eagle Bulk Shipping by 30.7% in the second quarter. BlackRock Inc. now owns 3,323,264 shares of the shipping company’s stock worth $17,414,000 after acquiring an additional 780,881 shares during the period. Royce & Associates LP grew its stake in shares of Eagle Bulk Shipping by 14.3% in the first quarter. Royce & Associates LP now owns 2,031,307 shares of the shipping company’s stock worth $9,446,000 after acquiring an additional 253,833 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Eagle Bulk Shipping by 27.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock worth $7,231,000 after acquiring an additional 334,039 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Eagle Bulk Shipping by 14.6% in the fourth quarter. Geode Capital Management LLC now owns 752,393 shares of the shipping company’s stock worth $3,468,000 after acquiring an additional 95,850 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.

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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