Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have received a consensus rating of “Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $6.00.
EGLE has been the subject of a number of recent analyst reports. TheStreet downgraded Eagle Bulk Shipping from a “c” rating to a “d+” rating in a report on Wednesday, August 14th. Jefferies Financial Group initiated coverage on Eagle Bulk Shipping in a report on Tuesday, September 3rd. They issued a “buy” rating and a $6.00 target price for the company. Zacks Investment Research downgraded Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Friday. ValuEngine raised Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Noble Financial reissued a “buy” rating and issued a $6.00 target price on shares of Eagle Bulk Shipping in a report on Wednesday, September 11th.
Eagle Bulk Shipping stock traded down $0.10 during mid-day trading on Thursday, hitting $4.38. The company had a trading volume of 612,700 shares, compared to its average volume of 435,517. Eagle Bulk Shipping has a 1 year low of $3.85 and a 1 year high of $5.92. 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 business has a fifty day moving average of $4.56 and a 200 day moving average of $4.85. The stock has a market cap of $327.74 million, a price-to-earnings ratio of 24.33 and a beta of 1.24.
In other news, major shareholder Oaktree Capital Group Holdings purchased 550,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average price of $4.32 per share, with a total value of $2,376,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gary Vogel sold 11,090 shares of Eagle Bulk Shipping stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $4.52, for a total value of $50,126.80. Following the transaction, the chief executive officer now directly owns 1,054,620 shares of the company’s stock, valued at approximately $4,766,882.40. The disclosure for this sale can be found here. Insiders have bought a total of 1,569,356 shares of company stock valued at $6,889,516 in the last ninety days. Corporate insiders own 4.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Oaktree Capital Management LP increased its position in Eagle Bulk Shipping by 2.9% during the 2nd quarter. Oaktree Capital Management LP now owns 27,034,083 shares of the shipping company’s stock worth $141,658,000 after purchasing an additional 766,616 shares in the last quarter. BlackRock Inc. increased its position in Eagle Bulk Shipping by 30.7% during the 2nd quarter. BlackRock Inc. now owns 3,323,264 shares of the shipping company’s stock worth $17,414,000 after purchasing an additional 780,881 shares in the last quarter. Bank of America Corp DE increased its position in Eagle Bulk Shipping by 1.9% during the 2nd quarter. Bank of America Corp DE now owns 599,174 shares of the shipping company’s stock worth $3,140,000 after purchasing an additional 11,235 shares in the last quarter. Northern Trust Corp increased its position in Eagle Bulk Shipping by 4.5% during the 2nd quarter. Northern Trust Corp now owns 576,910 shares of the shipping company’s stock worth $3,023,000 after purchasing an additional 24,717 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Eagle Bulk Shipping by 24.0% during the 2nd quarter. Victory Capital Management Inc. now owns 370,800 shares of the shipping company’s stock worth $1,943,000 after purchasing an additional 71,650 shares in the last quarter. 85.33% of the stock is owned by institutional investors and hedge funds.
Eagle Bulk Shipping Company Profile
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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