Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Free Report) – Investment analysts at B. Riley cut their Q3 2023 earnings estimates for Eagle Bulk Shipping in a research report issued on Monday, August 7th. B. Riley analyst L. Burke now expects that the shipping company will earn ($0.69) per share for the quarter, down from their prior forecast of $0.82. The consensus estimate for Eagle Bulk Shipping’s current full-year earnings is $1.67 per share. B. Riley also issued estimates for Eagle Bulk Shipping’s Q4 2023 earnings at ($0.65) EPS and FY2024 earnings at $4.81 EPS.
A number of other research analysts also recently weighed in on EGLE. BTIG Research lowered their price objective on shares of Eagle Bulk Shipping from $70.00 to $52.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. Alliance Global Partners lowered their price objective on shares of Eagle Bulk Shipping from $70.00 to $63.00 in a research report on Monday. Stifel Nicolaus decreased their price target on shares of Eagle Bulk Shipping from $62.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, July 19th. Finally, StockNews.com initiated coverage on shares of Eagle Bulk Shipping in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Eagle Bulk Shipping presently has an average rating of “Moderate Buy” and a consensus price target of $64.50.
Eagle Bulk Shipping Stock Up 3.2 %
Shares of Eagle Bulk Shipping stock opened at $46.33 on Thursday. The company has a market cap of $460.52 million, a price-to-earnings ratio of 6.00 and a beta of 1.31. The company’s 50 day moving average is $45.05 and its 200 day moving average is $47.87. Eagle Bulk Shipping has a twelve month low of $39.16 and a twelve month high of $67.09. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.75.
Institutional Investors Weigh In On Eagle Bulk Shipping
Several large investors have recently modified their holdings of the business. Legal & General Group Plc raised its holdings in shares of Eagle Bulk Shipping by 4.8% in the 4th quarter. Legal & General Group Plc now owns 4,160 shares of the shipping company’s stock valued at $208,000 after purchasing an additional 192 shares in the last quarter. Exchange Traded Concepts LLC grew its position in shares of Eagle Bulk Shipping by 3.1% in the 2nd quarter. Exchange Traded Concepts LLC now owns 8,236 shares of the shipping company’s stock worth $396,000 after buying an additional 251 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Eagle Bulk Shipping by 102.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 612 shares of the shipping company’s stock worth $28,000 after buying an additional 309 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Eagle Bulk Shipping by 0.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 34,586 shares of the shipping company’s stock worth $1,574,000 after buying an additional 324 shares during the last quarter. Finally, SummerHaven Investment Management LLC grew its position in shares of Eagle Bulk Shipping by 2.0% in the 1st quarter. SummerHaven Investment Management LLC now owns 18,027 shares of the shipping company’s stock worth $820,000 after buying an additional 353 shares during the last quarter. Institutional investors own 80.01% of the company’s stock.
Insider Transactions at Eagle Bulk Shipping
In other news, CEO Gary Vogel sold 6,503 shares of the firm’s stock in a transaction dated 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 approximately $7,020,163.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Eagle Bulk Shipping news, major shareholder Corp Danaos purchased 136,622 shares of Eagle Bulk Shipping stock in a transaction dated Thursday, June 22nd. The stock was acquired at an average price of $47.89 per share, for a total transaction of $6,542,827.58. Following the acquisition, the insider now owns 1,552,865 shares in the company, valued at approximately $74,366,704.85. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gary Vogel sold 6,503 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $50.09, for a total transaction of $325,735.27. Following the completion of the sale, the chief executive officer now owns 140,151 shares of the company’s stock, valued at approximately $7,020,163.59. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
Eagle Bulk Shipping Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Wednesday, August 16th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 5.01%. The ex-dividend date is Tuesday, August 15th. This is a positive change from Eagle Bulk Shipping’s previous quarterly dividend of $0.10. Eagle Bulk Shipping’s dividend payout ratio (DPR) is 5.18%.
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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