Eagle Bulk Shipping (NASDAQ:EGLE) Lowered to “Hold” at StockNews.com

Posted by on Jun 7th, 2022

Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

A number of other research firms have also weighed in on EGLE. B. Riley lifted their target price on Eagle Bulk Shipping from $62.00 to $67.00 and gave the company a “buy” rating in a report on Monday, March 7th. Zacks Investment Research upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a report on Wednesday, May 11th. TheStreet raised Eagle Bulk Shipping from a “c” rating to a “b-” rating in a research note on Friday, March 4th. HC Wainwright increased their price objective on Eagle Bulk Shipping from $80.00 to $90.00 in a research report on Monday, May 9th. Finally, Jefferies Financial Group began coverage on Eagle Bulk Shipping in a research note on Wednesday, April 27th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $71.75.

Eagle Bulk Shipping stock traded up $0.35 during midday trading on Monday, reaching $76.45. The stock had a trading volume of 631,010 shares, compared to its average volume of 389,181. Eagle Bulk Shipping has a 12 month low of $36.18 and a 12 month high of $78.75. The firm’s 50-day moving average price is $66.29 and its 200 day moving average price is $54.65. The firm has a market capitalization of $1.05 billion, a PE ratio of 5.33 and a beta of 1.27. The company has a quick ratio of 1.16, a current ratio of 1.37 and a debt-to-equity ratio of 0.48.

Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The shipping company reported $3.97 earnings per share (EPS) for the quarter, beating 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%. The business had revenue of $140.77 million for the quarter, compared to analysts’ expectations of $134.93 million. During the same period in the previous year, the business posted $0.84 EPS. Equities research analysts expect that Eagle Bulk Shipping will post 17.9 EPS for the current year.

In related news, Director Randee E. Day sold 1,000 shares of Eagle Bulk Shipping stock in a transaction that occurred on Thursday, March 17th. The stock was sold at an average price of $60.49, for a total transaction of $60,490.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gary Vogel sold 15,000 shares of Eagle Bulk Shipping stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $63.75, for a total value of $956,250.00. The disclosure for this sale can be found here. Insiders sold 45,441 shares of company stock worth $3,008,718 over the last three months. Corporate insiders own 2.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in Eagle Bulk Shipping by 273.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 354,034 shares of the shipping company’s stock valued at $16,108,000 after purchasing an additional 259,309 shares during the period. State Street Corp boosted its holdings in Eagle Bulk Shipping by 69.2% in the fourth quarter. State Street Corp now owns 561,260 shares of the shipping company’s stock valued at $25,537,000 after purchasing an additional 229,493 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new position in Eagle Bulk Shipping in the first quarter valued at $12,815,000. Victory Capital Management Inc. lifted its holdings in Eagle Bulk Shipping by 421.4% during the 1st quarter. Victory Capital Management Inc. now owns 181,398 shares of the shipping company’s stock worth $11,424,000 after buying an additional 146,608 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Eagle Bulk Shipping during the 1st quarter worth about $7,574,000. 72.13% of the stock is owned by institutional investors and hedge funds.

Eagle Bulk Shipping Company Profile (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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