Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Receives $61.60 Average Price Target from Brokerages

Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have been assigned a consensus recommendation of “Buy” from the three brokerages that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have covered the stock in the last year is $56.00.

A number of brokerages have weighed in on EGLE. BTIG Research decreased their price target on shares of Eagle Bulk Shipping from $70.00 to $52.00 and set a “buy” rating on the stock in a report on Friday, July 21st. TheStreet downgraded shares of Eagle Bulk Shipping from a “b” rating to a “c+” rating in a research note on Friday, November 3rd. Alliance Global Partners decreased their price objective on shares of Eagle Bulk Shipping from $70.00 to $63.00 in a report on Monday, August 7th. Stifel Nicolaus decreased their price target on shares of Eagle Bulk Shipping from $56.00 to $54.00 and set a “buy” rating for the company in a report on Thursday, October 19th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $55.00 target price on shares of Eagle Bulk Shipping in a research note on Friday, November 3rd.

Insider Buying and Selling

In related news, Director Justin A. Knowles acquired 1,450 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were purchased at an average cost of $44.68 per share, with a total value of $64,786.00. Following the completion of the transaction, the director now owns 5,842 shares of the company’s stock, valued at approximately $261,020.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.90% of the company’s stock.

Institutional Trading of Eagle Bulk Shipping

Large investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its stake in Eagle Bulk Shipping by 102.0% during the 1st quarter. Tower Research Capital LLC TRC now owns 612 shares of the shipping company’s stock valued at $28,000 after purchasing an additional 309 shares during the last quarter. Worth Asset Management LLC bought a new position in shares of Eagle Bulk Shipping in the 1st quarter valued at about $35,000. Geneos Wealth Management Inc. boosted its stake in shares of Eagle Bulk Shipping by 225.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 911 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 631 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Eagle Bulk Shipping during the 2nd quarter worth approximately $66,000. Finally, Advisory Services Network LLC boosted its stake in Eagle Bulk Shipping by 681.0% during the 1st quarter. Advisory Services Network LLC now owns 1,476 shares of the shipping company’s stock worth $67,000 after acquiring an additional 1,287 shares during the last quarter. 89.69% of the stock is owned by institutional investors.

Eagle Bulk Shipping Stock Up 0.3 %

Shares of NASDAQ EGLE opened at $41.41 on Monday. The firm has a market cap of $411.20 million, a P/E ratio of 5.28 and a beta of 1.32. The firm’s 50 day moving average price is $42.07 and its 200 day moving average price is $43.46. Eagle Bulk Shipping has a 1 year low of $39.15 and a 1 year high of $67.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.47 and a current ratio of 0.86.

Eagle Bulk Shipping Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Tuesday, November 14th will be issued a $0.10 dividend. The ex-dividend date is Monday, November 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.97%. Eagle Bulk Shipping’s payout ratio is currently 30.05%.

Eagle Bulk Shipping Company Profile

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.