Eagle Bulk Shipping (NASDAQ:EGLE) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. The firm currently has $66.00 price target on the shipping company’s stock.

According to Zacks, “Eagle Bulk Shipping is the largest U.S. based owner of Handymax dry bulk vessels. Handymax dry bulk vessels range in size from 35,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. “

A number of other equities analysts have also weighed in on EGLE. TheStreet upgraded shares of Eagle Bulk Shipping from a c rating to a b- rating in a research report on Friday, March 4th. B. Riley boosted their price objective on Eagle Bulk Shipping from $62.00 to $67.00 and gave the company a buy rating in a research note on Monday, March 7th. Finally, StockNews.com raised Eagle Bulk Shipping from a hold rating to a buy rating in a report on Tuesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $69.25.

Shares of EGLE opened at $60.42 on Tuesday. The stock has a 50 day moving average of $58.72 and a 200 day moving average of $48.71. The company has a current ratio of 1.26, a quick ratio of 1.12 and a debt-to-equity ratio of 0.49. Eagle Bulk Shipping has a 12 month low of $34.00 and a 12 month high of $70.98. The company has a market capitalization of $823.71 million, a price-to-earnings ratio of 5.08 and a beta of 1.31.

Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) last announced its quarterly earnings data on Thursday, March 3rd. The shipping company reported $4.28 earnings per share for the quarter, missing the consensus estimate of $5.58 by ($1.30). Eagle Bulk Shipping had a net margin of 31.10% and a return on equity of 34.61%. The firm had revenue of $161.49 million for the quarter, compared to the consensus estimate of $152.49 million. During the same period last year, the company posted $0.01 earnings per share. As a group, equities research analysts predict that Eagle Bulk Shipping will post 16.26 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 25th. Investors of record on Tuesday, March 15th were issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 13.57%. This is a boost from Eagle Bulk Shipping’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, March 14th. Eagle Bulk Shipping’s dividend payout ratio (DPR) is currently 68.91%.

In other Eagle Bulk Shipping news, CEO Gary Vogel sold 15,000 shares of the business’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Randee E. Day sold 1,000 shares of the firm’s 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 disclosure for this sale can be found here. 4.10% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in EGLE. Goldman Sachs Group Inc. increased its position in shares of 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 acquiring an additional 259,309 shares during the period. State Street Corp increased its holdings in Eagle Bulk Shipping by 69.2% during the 4th 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 stake in Eagle Bulk Shipping in the 1st quarter worth approximately $12,815,000. Millennium Management LLC lifted its holdings in Eagle Bulk Shipping by 56.5% in the 4th quarter. Millennium Management LLC now owns 275,201 shares of the shipping company’s stock worth $12,522,000 after buying an additional 99,375 shares during the period. Finally, Manatuck Hill Partners LLC grew its position in shares of Eagle Bulk Shipping by 273.0% in the 3rd quarter. Manatuck Hill Partners LLC now owns 111,898 shares of the shipping company’s stock worth $5,642,000 after buying an additional 81,898 shares during the last quarter. 65.51% 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.

Read More

Get a free copy of the Zacks research report on Eagle Bulk Shipping (EGLE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Eagle Bulk Shipping Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eagle Bulk Shipping and related companies with MarketBeat.com's FREE daily email newsletter.