Eagle Bulk Shipping (NASDAQ:EGLE) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

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. “

EGLE has been the topic of several other research reports. HC Wainwright lifted their target price on Eagle Bulk Shipping from $80.00 to $90.00 in a research report on Monday. Jefferies Financial Group initiated coverage on shares of Eagle Bulk Shipping in a research note on Wednesday, April 27th. They issued a buy rating for the company. TheStreet raised shares of Eagle Bulk Shipping from a c rating to a b- rating in a research report on Friday, March 4th. StockNews.com upgraded shares of Eagle Bulk Shipping from a hold rating to a buy rating in a report on Tuesday. Finally, B. Riley lifted their target price on shares of Eagle Bulk Shipping from $62.00 to $67.00 and gave the stock a buy rating in a research report on Monday, March 7th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $74.75.

Shares of EGLE stock opened at $63.15 on Tuesday. The company has a current ratio of 1.26, a quick ratio of 1.12 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $63.83 and a two-hundred day simple moving average of $51.03. Eagle Bulk Shipping has a 12 month low of $36.18 and a 12 month high of $72.24. The firm has a market capitalization of $860.92 million, a PE ratio of 4.41 and a beta of 1.29.

Eagle Bulk Shipping (NASDAQ:EGLEGet Rating) last posted its earnings results on Thursday, May 5th. The shipping company reported $3.97 EPS for the quarter, topping the consensus estimate of $3.96 by $0.01. Eagle Bulk Shipping had a net margin of 33.43% and a return on equity of 41.96%. During the same quarter in the prior year, the firm earned $0.84 earnings per share. On average, equities analysts predict that Eagle Bulk Shipping will post 16.26 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 25th. Investors of record on Monday, May 16th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, May 13th. This represents a $8.00 dividend on an annualized basis and a yield of 12.67%. Eagle Bulk Shipping’s dividend payout ratio (DPR) is presently 57.22%.

In related news, Director Randee E. Day sold 1,000 shares of the business’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 transaction of $60,490.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary Vogel sold 29,441 shares of the business’s stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $67.66, for a total value of $1,991,978.06. Following the transaction, the chief executive officer now owns 167,686 shares of the company’s stock, valued at $11,345,634.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,441 shares of company stock worth $3,008,718. Corporate insiders own 4.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in EGLE. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Eagle Bulk Shipping during the first quarter worth about $31,000. Qube Research & Technologies Ltd bought a new position in shares of Eagle Bulk Shipping during the first quarter valued at approximately $695,000. Victory Capital Management Inc. lifted its stake in Eagle Bulk Shipping by 421.4% in the first quarter. Victory Capital Management Inc. now owns 181,398 shares of the shipping company’s stock worth $11,424,000 after acquiring an additional 146,608 shares during the period. National Asset Management Inc. bought a new stake in Eagle Bulk Shipping in the first quarter valued at $1,056,000. Finally, Nisa Investment Advisors LLC purchased a new position in Eagle Bulk Shipping during the 1st quarter valued at $341,000. Hedge funds and other institutional investors own 72.13% of the company’s stock.

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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