Brokerages forecast that Eagle Bulk Shipping Inc. (NASDAQ:EGLE) will report $47.72 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Eagle Bulk Shipping’s earnings. The lowest sales estimate is $40.26 million and the highest is $55.39 million. Eagle Bulk Shipping posted sales of $56.86 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 16.1%. The business is expected to issue its next earnings results on Wednesday, May 8th.
According to Zacks, analysts expect that Eagle Bulk Shipping will report full year sales of $220.72 million for the current fiscal year, with estimates ranging from $172.36 million to $254.01 million. For the next financial year, analysts anticipate that the company will report sales of $264.66 million, with estimates ranging from $222.29 million to $297.85 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Eagle Bulk Shipping.
Eagle Bulk Shipping (NASDAQ:EGLE) last announced its earnings results on Tuesday, March 5th. The shipping company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.01. Eagle Bulk Shipping had a return on equity of 2.67% and a net margin of 4.06%. The business had revenue of $61.97 million during the quarter, compared to analyst estimates of $61.14 million.
Several brokerages have issued reports on EGLE. BidaskClub upgraded Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Morgan Stanley set a $5.00 price target on Eagle Bulk Shipping and gave the company a “hold” rating in a report on Friday, February 15th. Zacks Investment Research lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Thursday, January 17th. Noble Financial reiterated a “buy” rating and issued a $6.40 price target on shares of Eagle Bulk Shipping in a report on Friday, March 8th. Finally, Maxim Group set a $7.00 price target on Eagle Bulk Shipping and gave the company a “buy” rating in a report on Thursday, March 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $6.61.
Shares of NASDAQ:EGLE traded down $0.03 during trading hours on Monday, hitting $5.11. 170,510 shares of the company’s stock traded hands, compared to its average volume of 336,364. Eagle Bulk Shipping has a 1 year low of $3.85 and a 1 year high of $6.14. The firm has a market capitalization of $373.22 million, a PE ratio of 28.39 and a beta of 1.14. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.88 and a quick ratio of 1.62.
In other news, major shareholder Goldentree Asset Management Lp purchased 81,400 shares of the stock in a transaction that occurred on Friday, January 25th. The stock was purchased at an average price of $4.47 per share, for a total transaction of $363,858.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Oaktree Capital Group Holdings purchased 32,516 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was purchased at an average price of $4.69 per share, with a total value of $152,500.04. The disclosure for this purchase can be found here. Insiders purchased 1,816,011 shares of company stock valued at $8,068,641 in the last quarter. 3.70% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Eagle Bulk Shipping by 14.6% in the fourth quarter. Geode Capital Management LLC now owns 752,393 shares of the shipping company’s stock worth $3,468,000 after buying an additional 95,850 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Eagle Bulk Shipping by 27.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock worth $7,231,000 after buying an additional 334,039 shares in the last quarter. Oaktree Capital Management LP raised its stake in Eagle Bulk Shipping by 3,224.5% in the fourth quarter. Oaktree Capital Management LP now owns 26,109,536 shares of the shipping company’s stock worth $120,365,000 after buying an additional 25,324,173 shares in the last quarter. Paloma Partners Management Co bought a new position in Eagle Bulk Shipping in the fourth quarter worth approximately $153,000. Finally, Bank of America Corp DE raised its stake in Eagle Bulk Shipping by 3.7% in the fourth quarter. Bank of America Corp DE now owns 615,326 shares of the shipping company’s stock worth $2,837,000 after buying an additional 22,188 shares in the last quarter. 81.56% of the stock is owned by institutional investors.
About Eagle Bulk Shipping
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 Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.
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