Eagle Bulk Shipping (NASDAQ:EGLE) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) from a hold rating to a buy rating in a report published on Tuesday.

Other research analysts have also recently issued research reports about the company. TheStreet upgraded Eagle Bulk Shipping from a c rating to a b- rating in a research note on Friday, March 4th. B. Riley boosted their price objective on Eagle Bulk Shipping from $62.00 to $67.00 and gave the stock a buy rating in a research note on Monday, March 7th. Zacks Investment Research upgraded Eagle Bulk Shipping from a hold rating to a strong-buy rating and set a $78.00 price target on the stock in a research note on Thursday, May 5th. HC Wainwright boosted their price target on Eagle Bulk Shipping from $80.00 to $90.00 in a research note on Monday, May 9th. Finally, Jefferies Financial Group started coverage on Eagle Bulk Shipping in a research note on Wednesday, April 27th. They issued a buy rating on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of Buy and a consensus target price of $71.75.

EGLE stock opened at $63.78 on Tuesday. The stock has a 50-day moving average price of $64.22 and a two-hundred day moving average price of $51.38. Eagle Bulk Shipping has a 12-month low of $36.18 and a 12-month high of $72.24. The company has a current ratio of 1.37, a quick ratio of 1.12 and a debt-to-equity ratio of 0.48. The company has a market cap of $873.34 million, a PE ratio of 4.45 and a beta of 1.29.

Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) last issued its quarterly earnings data on Thursday, May 5th. The shipping company reported $3.97 EPS for the quarter, topping analysts’ consensus estimates of $3.96 by $0.01. Eagle Bulk Shipping had a return on equity of 40.41% and a net margin of 33.43%. During the same quarter in the previous year, the firm earned $0.84 EPS. Equities analysts forecast that Eagle Bulk Shipping will post 17.9 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 25th. Stockholders of record on Monday, May 16th will be issued a $2.00 dividend. The ex-dividend date is Friday, May 13th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 12.54%. Eagle Bulk Shipping’s payout ratio is currently 57.22%.

In related news, Director Randee E. Day sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 17th. The shares were sold at an average price of $60.49, for a total value of $60,490.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary Vogel sold 29,441 shares of Eagle Bulk Shipping stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $67.66, for a total transaction of $1,991,978.06. Following the sale, the chief executive officer now directly owns 167,686 shares of the company’s stock, valued at approximately $11,345,634.76. The disclosure for this sale can be found here. Insiders sold 45,441 shares of company stock worth $3,008,718 over the last ninety days. 4.10% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Eagle Bulk Shipping during the 1st quarter worth about $31,000. Worth Asset Management LLC acquired a new position in shares of Eagle Bulk Shipping during the 1st quarter worth approximately $35,000. Fifth Third Bancorp acquired a new position in shares of Eagle Bulk Shipping during the 1st quarter worth approximately $51,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Eagle Bulk Shipping during the 1st quarter worth approximately $69,000. Finally, Citigroup Inc. lifted its holdings in shares of Eagle Bulk Shipping by 161.8% during the 3rd quarter. Citigroup Inc. now owns 1,076 shares of the shipping company’s stock worth $54,000 after acquiring an additional 665 shares during the period. 72.13% of the stock is currently owned by institutional investors and hedge funds.

About Eagle Bulk Shipping (Get Rating)

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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