Eagle Bulk Shipping (NASDAQ:EGLE) Trading Up 3.8%

Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating)’s stock price was up 3.8% during mid-day trading on Friday . The stock traded as high as $52.29 and last traded at $52.26. Approximately 122,368 shares were traded during trading, a decline of 59% from the average daily volume of 301,283 shares. The stock had previously closed at $50.33.

Analyst Upgrades and Downgrades

Separately, BTIG Research boosted their target price on Eagle Bulk Shipping from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, January 23rd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.71.

Eagle Bulk Shipping Stock Up 1.5 %

The company’s 50 day moving average price is $55.42 and its two-hundred day moving average price is $50.81. The company has a quick ratio of 1.87, a current ratio of 2.06 and a debt-to-equity ratio of 0.36. The stock has a market cap of $698.50 million, a P/E ratio of 3.34 and a beta of 1.33.

Eagle Bulk Shipping Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Wednesday, March 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend is Tuesday, March 14th. Eagle Bulk Shipping’s dividend payout ratio is presently 47.03%.

Insider Activity

In other news, CEO Gary Vogel sold 15,000 shares of Eagle Bulk Shipping stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $50.79, for a total transaction of $761,850.00. Following the completion of the sale, the chief executive officer now owns 147,521 shares of the company’s stock, valued at $7,492,591.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Eagle Bulk Shipping

A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Eagle Bulk Shipping by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 754,558 shares of the shipping company’s stock worth $37,682,000 after buying an additional 46,145 shares in the last quarter. Vanguard Group Inc. raised its stake in Eagle Bulk Shipping by 2.2% in the first quarter. Vanguard Group Inc. now owns 542,395 shares of the shipping company’s stock worth $36,942,000 after buying an additional 11,633 shares in the last quarter. State Street Corp raised its stake in Eagle Bulk Shipping by 12.4% in the third quarter. State Street Corp now owns 501,597 shares of the shipping company’s stock worth $21,659,000 after buying an additional 55,486 shares in the last quarter. Marshall Wace LLP raised its stake in Eagle Bulk Shipping by 9.8% in the fourth quarter. Marshall Wace LLP now owns 340,189 shares of the shipping company’s stock worth $16,972,000 after buying an additional 30,251 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Eagle Bulk Shipping by 26.8% in the fourth quarter. Renaissance Technologies LLC now owns 288,300 shares of the shipping company’s stock worth $14,398,000 after buying an additional 60,900 shares in the last quarter. Institutional investors own 79.88% of the company’s stock.

Eagle Bulk Shipping Company Profile

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Eagle Bulk Shipping, Inc is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Ultramax and Supramax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.