Eagle Bulk Shipping (NASDAQ:EGLE) Share Price Down 6.5% on Weak Earnings
Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating) fell 6.5% in trading on Friday after the company reported weaker-than-expected quarterly results. The stock traded as low as $51.21 and last traded at $52.16. About 4,287 shares changed hands during trading, down 98% from the average daily volume of 274,949 shares. The stock previously closed at $55.78. The shipping company reported earnings per share of $4.28 for the quarter, missing the Zacks consensus estimate of $5.58 per ($1.30). Eagle Bulk Shipping achieved a net margin of 20.11% and a return on equity of 24.66%. During the same period of the previous year, the company posted EPS of $0.01.
EGLE has been the subject of a number of recent analyst reports. BTIG Research reaffirmed a “buy” rating and set a price target of $64.00 on shares of Eagle Bulk Shipping in a Friday, November 5 report. Zacks Investment Research upgraded Eagle Bulk Shipping from a “Strong Sell” rating to a “Hold” rating in a Monday, Feb. 7 report. One investment analyst gave the stock a hold rating and five gave the company a buy rating. According to MarketBeat, Eagle Bulk Shipping currently has an average rating of “Buy” and a consensus target price of $58.40.
Institutional investors have recently bought and sold shares of the company. Citigroup Inc. increased its position in Eagle Bulk Shipping by 161.8% in the third quarter. Citigroup Inc. now owns 1,076 shares of the shipping company worth $54,000 after buying an additional 665 shares in the last quarter. USA Financial Portformulas Corp acquired a new position in Eagle Bulk Shipping in the third quarter worth approximately $161,000. Virtu Financial LLC acquired a new position in Eagle Bulk Shipping in the fourth quarter worth approximately $207,000. PDT Partners LLC acquired a new position in Eagle Bulk Shipping in the second quarter worth approximately $220,000. Finally, American International Group Inc. increased its position in Eagle Bulk Shipping by 4.8% in the third quarter. American International Group Inc. now owns 4,891 shares of the shipping company worth $247,000 after buying 222 more shares in the last quarter. Hedge funds and other institutional investors hold 65.51% of the company’s shares.
The company has a current ratio of 1.23, a quick ratio of 1.13 and a debt ratio of 0.64. The stock has a market capitalization of $719.37 million, a PE ratio of 8.57 and a beta of 1.24. The company’s 50-day simple moving average is $47.54 and its two-hundred-day simple moving average is $45.60.
Eagle Bulk Shipping Company Profile (NASDAQ:EGLE)
Eagle Bulk Shipping, Inc. is a holding company engaged in the shipping of a wide range of dry bulk cargoes worldwide by owning, chartering and operating dry bulk vessels. It operates Supramax and Handymax vessels which transport minor and major bulk cargoes including iron ore, coal, grain, cement and fertilizers.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Eagle Bulk Shipping right now?
Before you consider Eagle Bulk Shipping, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Eagle Bulk Shipping was not on the list.
While Eagle Bulk Shipping currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here