Eagle Bulk Shipping Inc. (NASDAQ:EGLE - Get Free Report) major shareholder Castor Maritime Inc. acquired 69,635 shares of the company's stock in a transaction on Wednesday, April 3rd. The shares were purchased at an average cost of $62.65 per share, with a total value of $4,362,632.75. Following the completion of the acquisition, the insider now directly owns 1,461,135 shares in the company, valued at approximately $91,540,107.75. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
Eagle Bulk Shipping Stock Performance
NASDAQ:EGLE opened at $62.60 on Friday. The stock's 50-day simple moving average is $60.14 and its 200 day simple moving average is $51.47. The firm has a market capitalization of $692.98 million, a PE ratio of 28.22 and a beta of 1.49. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 0.55. Eagle Bulk Shipping Inc. has a twelve month low of $39.15 and a twelve month high of $65.09.
Eagle Bulk Shipping (NASDAQ:EGLE - Get Free Report) last issued its quarterly earnings data on Monday, March 4th. The shipping company reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.38. Eagle Bulk Shipping had a return on equity of 4.62% and a net margin of 5.77%. The company had revenue of $104.59 million during the quarter, compared to the consensus estimate of $76.16 million. On average, analysts anticipate that Eagle Bulk Shipping Inc. will post 4.86 EPS for the current fiscal year.
Eagle Bulk Shipping Increases Dividend
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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.60 per share. This is a boost from Eagle Bulk Shipping's previous quarterly dividend of $0.10. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend was Tuesday, March 12th. Eagle Bulk Shipping's dividend payout ratio (DPR) is currently 156.86%.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc boosted its holdings in Eagle Bulk Shipping by 4.8% during the fourth quarter. Legal & General Group Plc now owns 4,160 shares of the shipping company's stock worth $208,000 after purchasing an additional 192 shares during the last quarter. SummerHaven Investment Management LLC raised its position in shares of Eagle Bulk Shipping by 1.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 15,784 shares of the shipping company's stock valued at $874,000 after purchasing an additional 200 shares during the period. LPL Financial LLC raised its position in shares of Eagle Bulk Shipping by 4.0% in the third quarter. LPL Financial LLC now owns 6,953 shares of the shipping company's stock valued at $292,000 after purchasing an additional 266 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Eagle Bulk Shipping by 102.0% in the first quarter. Tower Research Capital LLC TRC now owns 612 shares of the shipping company's stock valued at $28,000 after purchasing an additional 309 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Eagle Bulk Shipping by 0.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 34,586 shares of the shipping company's stock valued at $1,574,000 after purchasing an additional 324 shares during the period. 70.60% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have recently issued reports on EGLE. B. Riley boosted their target price on Eagle Bulk Shipping from $52.20 to $63.50 and gave the stock a "neutral" rating in a research report on Monday, March 4th. Alliance Global Partners restated a "neutral" rating on shares of Eagle Bulk Shipping in a research report on Monday, February 26th. StockNews.com initiated coverage on Eagle Bulk Shipping in a research report on Sunday, March 31st. They issued a "sell" rating for the company. Jefferies Financial Group reiterated a "hold" rating and issued a $55.00 price objective on shares of Eagle Bulk Shipping in a research report on Wednesday, January 31st. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Eagle Bulk Shipping in a research report on Friday, January 5th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $56.75.
Read Our Latest Analysis on Eagle Bulk Shipping
About Eagle Bulk Shipping
(
Get 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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