Eagle Bulk Shipping Inc. (EGLE) Expected to Announce Earnings of $0.09 Per Share

Equities research analysts expect that Eagle Bulk Shipping Inc. (NASDAQ:EGLE) will announce earnings of $0.09 per share for the current quarter, Zacks reports. Five analysts have issued estimates for Eagle Bulk Shipping’s earnings. The lowest EPS estimate is $0.09 and the highest is $0.10. Eagle Bulk Shipping posted earnings per share of ($0.02) in the same quarter last year, which would suggest a positive year-over-year growth rate of 550%. The business is expected to issue its next earnings results on Monday, March 4th.

According to Zacks, analysts expect that Eagle Bulk Shipping will report full-year earnings of $0.17 per share for the current financial year, with EPS estimates ranging from $0.17 to $0.18. For the next year, analysts anticipate that the company will report earnings of $0.61 per share, with EPS estimates ranging from $0.43 to $0.84. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that that provide coverage for Eagle Bulk Shipping.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Tuesday, November 6th. The shipping company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. The firm had revenue of $53.97 million during the quarter, compared to analysts’ expectations of $57.49 million. Eagle Bulk Shipping had a negative net margin of 3.52% and a positive return on equity of 0.96%.

Several research analysts recently issued reports on EGLE shares. B. Riley started coverage on shares of Eagle Bulk Shipping in a report on Thursday, October 4th. They set a “buy” rating and a $8.50 price target for the company. ValuEngine cut shares of Eagle Bulk Shipping from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 25th. BidaskClub cut shares of Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. Finally, Zacks Investment Research cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Tuesday, November 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. Eagle Bulk Shipping has an average rating of “Buy” and an average price target of $7.17.

In other news, CEO Gary Vogel sold 54,424 shares of the stock in a transaction that occurred on Friday, January 4th. The shares were sold at an average price of $4.79, for a total value of $260,690.96. Following the sale, the chief executive officer now directly owns 1,346,776 shares in the company, valued at $6,451,057.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Oaktree Capital Group Holdings purchased 960,000 shares of the stock in a transaction dated Friday, December 28th. The stock was acquired at an average price of $4.39 per share, for a total transaction of $4,214,400.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 4,098,604 shares of company stock valued at $18,563,554 and sold 71,445 shares valued at $341,008. Company insiders own 3.70% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc grew its position in shares of Eagle Bulk Shipping by 33.0% in the third quarter. Vanguard Group Inc now owns 2,686,775 shares of the shipping company’s stock valued at $15,100,000 after purchasing an additional 666,715 shares during the last quarter. Marshall Wace LLP acquired a new stake in Eagle Bulk Shipping during the third quarter worth approximately $917,000. Vanguard Group Inc. boosted its position in Eagle Bulk Shipping by 33.0% during the third quarter. Vanguard Group Inc. now owns 2,686,775 shares of the shipping company’s stock worth $15,100,000 after acquiring an additional 666,715 shares during the last quarter. Teachers Advisors LLC boosted its position in Eagle Bulk Shipping by 17.3% during the third quarter. Teachers Advisors LLC now owns 97,264 shares of the shipping company’s stock worth $547,000 after acquiring an additional 14,352 shares during the last quarter. Finally, Macquarie Group Ltd. acquired a new stake in Eagle Bulk Shipping during the third quarter worth approximately $109,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

NASDAQ EGLE opened at $5.08 on Friday. The stock has a market cap of $376.14 million, a P/E ratio of -12.10 and a beta of 1.38. Eagle Bulk Shipping has a 52-week low of $4.03 and a 52-week high of $6.14. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.16 and a quick ratio of 1.91.

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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