Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Plans $2.00 Quarterly Dividend

Eagle Bulk Shipping Inc. (NASDAQ:EGLEGet Rating) announced a quarterly dividend on Thursday, May 5th, Zacks reports. Investors of record on Monday, May 16th will be paid a dividend of 2.00 per share by the shipping company on Wednesday, May 25th. This represents a $8.00 annualized dividend and a yield of 11.75%. The ex-dividend date is Friday, May 13th.

Eagle Bulk Shipping has a payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Eagle Bulk Shipping to earn $14.42 per share next year, which means the company should continue to be able to cover its $8.20 annual dividend with an expected future payout ratio of 56.9%.

Shares of EGLE opened at $68.10 on Friday. Eagle Bulk Shipping has a 52-week low of $36.18 and a 52-week high of $72.24. The company has a quick ratio of 1.12, a current ratio of 1.26 and a debt-to-equity ratio of 0.49. The firm’s fifty day moving average is $63.56 and its two-hundred day moving average is $50.82. The stock has a market cap of $928.20 million, a PE ratio of 4.75 and a beta of 1.29.

Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The shipping company reported $3.97 earnings per share for the quarter, beating the consensus estimate of $3.96 by $0.01. Eagle Bulk Shipping had a net margin of 31.10% and a return on equity of 34.61%. During the same quarter in the previous year, the business posted $0.84 EPS. As a group, research analysts anticipate that Eagle Bulk Shipping will post 16.26 earnings per share for the current year.

In related news, Director Randee E. Day sold 1,000 shares of the company’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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gary Vogel sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were sold at an average price of $63.75, for a total transaction of $956,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,441 shares of company stock valued at $3,008,718. Company insiders own 4.10% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of Eagle Bulk Shipping by 0.6% during the 4th quarter. BlackRock Inc. now owns 710,342 shares of the shipping company’s stock worth $32,319,000 after buying an additional 4,405 shares during the period. State Street Corp lifted its holdings in shares of Eagle Bulk Shipping by 69.2% during the 4th quarter. State Street Corp now owns 561,260 shares of the shipping company’s stock worth $25,537,000 after acquiring an additional 229,493 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Eagle Bulk Shipping by 273.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 354,034 shares of the shipping company’s stock worth $16,108,000 after acquiring an additional 259,309 shares during the period. Millennium Management LLC lifted its holdings in shares of Eagle Bulk Shipping by 56.5% during the 4th quarter. Millennium Management LLC now owns 275,201 shares of the shipping company’s stock worth $12,522,000 after acquiring an additional 99,375 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Eagle Bulk Shipping by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 189,348 shares of the shipping company’s stock worth $8,615,000 after acquiring an additional 1,340 shares during the period. 72.13% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts recently weighed in on the company. Zacks Investment Research raised Eagle Bulk Shipping from a “hold” rating to a “strong-buy” rating and set a $78.00 price target for the company in a report on Thursday. StockNews.com lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Thursday, April 28th. B. Riley lifted 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. Jefferies Financial Group began coverage on Eagle Bulk Shipping in a research note on Wednesday, April 27th. They issued a “buy” rating on the stock. Finally, TheStreet raised Eagle Bulk Shipping from a “c” rating to a “b-” rating in a research note on Friday, March 4th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $72.25.

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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