Eagle Bulk Shipping (EGLE) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Eagle Bulk Shipping (NASDAQ:EGLE) issued its quarterly earnings results on Tuesday. The shipping company reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01, Fidelity Earnings reports. Eagle Bulk Shipping had a positive return on equity of 0.96% and a negative net margin of 3.52%. The firm had revenue of $53.97 million during the quarter, compared to the consensus estimate of $57.49 million.

Eagle Bulk Shipping stock traded down $0.66 during midday trading on Thursday, reaching $4.43. The company’s stock had a trading volume of 35,578 shares, compared to its average volume of 291,980. Eagle Bulk Shipping has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.48 and a current ratio of 2.76. The company has a market cap of $363.00 million, a P/E ratio of -10.81 and a beta of 1.73.

Several brokerages recently weighed in on EGLE. Noble Financial set a $6.00 price target on Eagle Bulk Shipping and gave the stock a “buy” rating in a report on Thursday, August 9th. Maxim Group raised Eagle Bulk Shipping from a “hold” rating to a “buy” rating and increased their price target for the stock from $6.00 to $7.50 in a report on Wednesday, July 25th. BidaskClub raised Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a report on Friday, July 20th. ValuEngine raised Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Finally, Zacks Investment Research downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Friday, August 10th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $6.86.

An institutional investor recently raised its position in Eagle Bulk Shipping stock. Bank of New York Mellon Corp boosted its stake in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) by 22.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 121,017 shares of the shipping company’s stock after acquiring an additional 21,947 shares during the period. Bank of New York Mellon Corp owned 0.17% of Eagle Bulk Shipping worth $658,000 at the end of the most recent quarter. 46.69% of the stock is owned by institutional investors.

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Eagle Bulk Shipping Company Profile

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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Earnings History for Eagle Bulk Shipping (NASDAQ:EGLE)

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