StockNews.com Begins Coverage on Eagle Bulk Shipping (NASDAQ:EGLE)

StockNews.com began coverage on shares of Eagle Bulk Shipping (NASDAQ:EGLE) in a report released on Wednesday morning. The brokerage issued a sell rating on the shipping company’s stock.

A number of other analysts have also issued reports on EGLE. Stifel Nicolaus reissued a hold rating and issued a $55.00 price target (up from $54.00) on shares of Eagle Bulk Shipping in a research note on Friday, January 26th. BTIG Research reissued a neutral rating on shares of Eagle Bulk Shipping in a research note on Friday, January 5th. B. Riley raised their price target on Eagle Bulk Shipping from $52.20 to $63.50 and gave the stock a neutral rating in a research note on Monday, March 4th. Jefferies Financial Group restated a hold rating and issued a $55.00 price objective on shares of Eagle Bulk Shipping in a report on Wednesday, January 31st. Finally, Alliance Global Partners restated a neutral rating on shares of Eagle Bulk Shipping in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Eagle Bulk Shipping presently has a consensus rating of Hold and a consensus target price of $56.75.

Eagle Bulk Shipping Price Performance

EGLE opened at $62.60 on Wednesday. The business’s fifty day simple moving average is $62.10 and its 200 day simple moving average is $53.74. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 0.55. Eagle Bulk Shipping has a 52 week low of $39.15 and a 52 week high of $65.09. The firm has a market cap of $692.98 million, a P/E ratio of 40.92 and a beta of 1.49.

Eagle Bulk Shipping (NASDAQ:EGLE) last issued its quarterly earnings results on Monday, March 4th. The shipping company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.38. Eagle Bulk Shipping had a return on equity of 4.62% and a net margin of 5.77%. The firm had revenue of $104.59 million for the quarter, compared to analyst estimates of $76.16 million. As a group, equities research analysts anticipate that Eagle Bulk Shipping will post 4.86 EPS for the current fiscal year.

Eagle Bulk Shipping Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.83%. This is an increase from Eagle Bulk Shipping’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, March 12th. Eagle Bulk Shipping’s dividend payout ratio (DPR) is 156.86%.

Insider Transactions at Eagle Bulk Shipping

In related news, major shareholder Castor Maritime Inc. bought 69,635 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were acquired at an average cost of $62.65 per share, for a total transaction of $4,362,632.75. Following the acquisition, the insider now owns 1,461,135 shares in the company, valued at approximately $91,540,107.75. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Eagle Bulk Shipping

Several hedge funds have recently modified their holdings of the stock. Gratus Capital LLC raised its holdings in shares of Eagle Bulk Shipping by 0.4% during the 3rd quarter. Gratus Capital LLC now owns 241,921 shares of the shipping company’s stock valued at $10,168,000 after buying an additional 1,033 shares during the period. American Century Companies Inc. raised its holdings in shares of Eagle Bulk Shipping by 3.8% during the 3rd quarter. American Century Companies Inc. now owns 167,004 shares of the shipping company’s stock valued at $7,019,000 after buying an additional 6,110 shares during the period. Paradiem LLC raised its holdings in shares of Eagle Bulk Shipping by 126.5% during the 4th quarter. Paradiem LLC now owns 153,872 shares of the shipping company’s stock valued at $8,525,000 after buying an additional 85,951 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Eagle Bulk Shipping by 5.5% during the 4th quarter. Russell Investments Group Ltd. now owns 76,123 shares of the shipping company’s stock valued at $4,217,000 after buying an additional 3,954 shares during the period. Finally, Versor Investments LP purchased a new stake in shares of Eagle Bulk Shipping during the 4th quarter valued at about $3,077,000. 70.60% of the stock is currently owned by hedge funds and other institutional investors.

About Eagle Bulk Shipping

Eagle Bulk Shipping Inc engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including iron ore, coal, grains, fertilizers, steel products, petcoke, and cement. It serves miners, producers, traders, and end users.