Eagle Bulk Shipping (NASDAQ:EGLE) Sets New 12-Month High on Analyst Upgrade


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Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) reached a new 52-week high on Tuesday after BTIG Research raised their price target on the stock from $40.00 to $55.00. BTIG Research currently has a buy rating on the stock. Eagle Bulk Shipping traded as high as $48.26 and last traded at $45.74, with a volume of 762 shares traded. The stock had previously closed at $46.40.

EGLE has been the subject of several other reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $38.00 price objective on shares of Eagle Bulk Shipping in a research report on Thursday, March 25th. B. Riley increased their price target on Eagle Bulk Shipping from $27.25 to $42.00 and gave the company a “buy” rating in a research report on Monday, March 8th. TheStreet raised Eagle Bulk Shipping from a “d+” rating to a “c-” rating in a research report on Monday, April 5th. Finally, Zacks Investment Research raised Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research report on Tuesday, January 12th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $31.82.

In other Eagle Bulk Shipping news, major shareholder Oaktree Capital Group Holdings sold 78,408 shares of the company’s stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $39.04, for a total value of $3,061,048.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Costanzo Frank De sold 952 shares of the company’s stock in a transaction that occurred on Wednesday, April 21st. The shares were sold at an average price of $42.35, for a total value of $40,317.20. Following the completion of the sale, the chief financial officer now owns 45,425 shares in the company, valued at approximately $1,923,748.75. The disclosure for this sale can be found here. Insiders sold 343,294 shares of company stock worth $12,784,720 in the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Sippican Capital Advisors bought a new position in shares of Eagle Bulk Shipping during the fourth quarter worth approximately $211,000. TCI Wealth Advisors Inc. bought a new position in shares of Eagle Bulk Shipping during the fourth quarter worth approximately $27,000. Relyea Zuckerberg Hanson LLC increased its stake in shares of Eagle Bulk Shipping by 8.5% during the fourth quarter. Relyea Zuckerberg Hanson LLC now owns 105,719 shares of the shipping company’s stock worth $2,009,000 after purchasing an additional 8,287 shares during the period. Victory Capital Management Inc. increased its stake in shares of Eagle Bulk Shipping by 5.2% during the fourth quarter. Victory Capital Management Inc. now owns 58,007 shares of the shipping company’s stock worth $1,102,000 after purchasing an additional 2,852 shares during the period. Finally, GSA Capital Partners LLP bought a new position in shares of Eagle Bulk Shipping during the fourth quarter worth approximately $433,000. Hedge funds and other institutional investors own 78.32% of the company’s stock.

The company has a market cap of $553.84 million, a P/E ratio of -9.84 and a beta of 1.46. The company has a quick ratio of 1.27, a current ratio of 1.40 and a debt-to-equity ratio of 1.03. The stock has a 50 day moving average price of $38.66 and a two-hundred day moving average price of $25.80.

Eagle Bulk Shipping (NASDAQ:EGLE) last announced its earnings results on Friday, March 5th. The shipping company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.28. The company had revenue of $55.59 million for the quarter, compared to analyst estimates of $54.35 million. Eagle Bulk Shipping had a negative return on equity of 9.71% and a negative net margin of 17.08%. Equities analysts anticipate that Eagle Bulk Shipping Inc. will post -3.53 EPS for the current year.

About Eagle Bulk Shipping (NASDAQ:EGLE)

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, cement, and forest products. It serves miners, producers, traders, and end users.

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