Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 388,796 shares of the shipping company’s stock, valued at approximately $17,690,000. Mirae Asset Global Investments Co. Ltd. owned about 2.84% of Eagle Bulk Shipping at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in EGLE. Renaissance Technologies LLC grew its position in Eagle Bulk Shipping by 793.6% in the second quarter. Renaissance Technologies LLC now owns 167,100 shares of the shipping company’s stock worth $8,669,000 after acquiring an additional 148,400 shares during the period. State Street Corp grew its position in Eagle Bulk Shipping by 12.4% in the third quarter. State Street Corp now owns 501,597 shares of the shipping company’s stock worth $21,659,000 after acquiring an additional 55,486 shares during the period. Bank of New York Mellon Corp purchased a new position in Eagle Bulk Shipping in the first quarter worth approximately $3,496,000. Dimensional Fund Advisors LP grew its position in Eagle Bulk Shipping by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 754,558 shares of the shipping company’s stock worth $37,682,000 after acquiring an additional 46,145 shares during the period. Finally, Northern Trust Corp grew its position in Eagle Bulk Shipping by 41.5% in the second quarter. Northern Trust Corp now owns 126,453 shares of the shipping company’s stock worth $6,560,000 after acquiring an additional 37,084 shares during the period. Institutional investors and hedge funds own 80.01% of the company’s stock.
Insider Activity
In other news, CEO Gary Vogel sold 6,503 shares of the stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $50.09, for a total value of $325,735.27. Following the sale, the chief executive officer now directly owns 140,151 shares in the company, valued at $7,020,163.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Eagle Bulk Shipping news, major shareholder Corp Danaos purchased 136,622 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were bought at an average cost of $47.89 per share, for a total transaction of $6,542,827.58. Following the completion of the purchase, the insider now directly owns 1,552,865 shares in the company, valued at $74,366,704.85. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary Vogel sold 6,503 shares of the firm’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $50.09, for a total value of $325,735.27. Following the completion of the sale, the chief executive officer now owns 140,151 shares in the company, valued at $7,020,163.59. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
Eagle Bulk Shipping Stock Down 0.8 %
Eagle Bulk Shipping (NASDAQ:EGLE – Get Free Report) last announced its quarterly earnings data on Thursday, May 4th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.29. The business had revenue of $71.72 million for the quarter, compared to analysts’ expectations of $66.14 million. Eagle Bulk Shipping had a return on equity of 24.29% and a net margin of 30.93%. As a group, equities analysts predict that Eagle Bulk Shipping Inc. will post 2.96 EPS for the current fiscal year.
Eagle Bulk Shipping Announces Dividend
The business also recently disclosed a dividend, which will be paid on Thursday, August 24th. Stockholders of record on Wednesday, August 16th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. Eagle Bulk Shipping’s payout ratio is currently 3.26%.
Analysts Set New Price Targets
Several brokerages recently weighed in on EGLE. StockNews.com started coverage on Eagle Bulk Shipping in a research report on Thursday, May 18th. They issued a “hold” rating for the company. BTIG Research lowered their price target on Eagle Bulk Shipping from $70.00 to $52.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Stifel Nicolaus lowered their price target on Eagle Bulk Shipping from $62.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, July 19th. Finally, Alliance Global Partners lowered their price target on Eagle Bulk Shipping from $75.00 to $70.00 in a research report on Friday, July 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.67.
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, cement, and forest products. It serves miners, producers, traders, and end users.
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