Citigroup Inc. Cuts Holdings in Eagle Bulk Shipping Inc. (NASDAQ:EGLE)

Citigroup Inc. lessened its position in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLEFree Report) by 69.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,232 shares of the shipping company’s stock after selling 5,038 shares during the period. Citigroup Inc.’s holdings in Eagle Bulk Shipping were worth $94,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its holdings in shares of Eagle Bulk Shipping by 1,342.1% during the 1st quarter. First Trust Advisors LP now owns 251,698 shares of the shipping company’s stock valued at $11,452,000 after buying an additional 234,245 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Eagle Bulk Shipping by 793.6% in the second quarter. Renaissance Technologies LLC now owns 167,100 shares of the shipping company’s stock valued at $8,669,000 after purchasing an additional 148,400 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Eagle Bulk Shipping by 14.1% in the first quarter. Dimensional Fund Advisors LP now owns 861,027 shares of the shipping company’s stock valued at $39,176,000 after purchasing an additional 106,469 shares during the period. State Street Corp grew its holdings in Eagle Bulk Shipping by 12.4% during the 3rd quarter. State Street Corp now owns 501,597 shares of the shipping company’s stock valued at $21,659,000 after purchasing an additional 55,486 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Eagle Bulk Shipping in the 1st quarter worth $3,496,000. 70.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

EGLE has been the topic of a number of analyst reports. Noble Financial reaffirmed a “market perform” rating and set a $52.00 target price on shares of Eagle Bulk Shipping in a research report on Tuesday, December 12th. B. Riley lifted their price target on shares of Eagle Bulk Shipping from $52.20 to $63.50 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Jefferies Financial Group reiterated a “hold” rating and set a $55.00 price objective on shares of Eagle Bulk Shipping in a research note on Wednesday, January 31st. Stifel Nicolaus reissued a “hold” rating and issued a $55.00 target price (up previously from $54.00) on shares of Eagle Bulk Shipping in a research report on Friday, January 26th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Eagle Bulk Shipping in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $56.75.

Get Our Latest Analysis on EGLE

Eagle Bulk Shipping Trading Down 0.8 %

Eagle Bulk Shipping stock opened at $62.47 on Monday. Eagle Bulk Shipping Inc. has a 1 year low of $39.15 and a 1 year high of $65.09. The firm’s 50-day moving average is $59.37 and its 200-day moving average is $50.81. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.77 and a current ratio of 0.89. The company has a market cap of $691.54 million, a P/E ratio of 40.83 and a beta of 1.49.

Eagle Bulk Shipping (NASDAQ:EGLEGet Free Report) last issued its earnings results on Monday, March 4th. The shipping company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.38. The company had revenue of $104.59 million during the quarter, compared to the consensus estimate of $76.16 million. Eagle Bulk Shipping had a return on equity of 4.62% and a net margin of 5.77%. On average, equities analysts expect that Eagle Bulk Shipping Inc. will post 4.86 earnings per share for the current year.

Eagle Bulk Shipping Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.84%. This is a boost from Eagle Bulk Shipping’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, March 12th. Eagle Bulk Shipping’s dividend payout ratio (DPR) is presently 156.86%.

Eagle Bulk Shipping Company Profile

(Free Report)

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, and cement. It serves miners, producers, traders, and end users.

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Institutional Ownership by Quarter for Eagle Bulk Shipping (NASDAQ:EGLE)

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