Brokerages Set Eagle Bulk Shipping Inc. (NASDAQ:EGLE) PT at $56.75

Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have been assigned an average rating of “Hold” from the six brokerages that are currently covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating. The average twelve-month target price among brokerages that have covered the stock in the last year is $56.75.

Several research firms have weighed in on EGLE. StockNews.com began coverage on Eagle Bulk Shipping in a report on Tuesday. They issued a “sell” rating for the company. B. Riley increased their price objective on Eagle Bulk Shipping from $52.20 to $63.50 and gave the stock a “neutral” rating in a report on Monday, March 4th. Alliance Global Partners reissued a “neutral” rating on shares of Eagle Bulk Shipping in a research report on Monday, February 26th. Jefferies Financial Group reissued a “hold” rating and issued a $55.00 target price on shares of Eagle Bulk Shipping in a research report on Wednesday, January 31st. Finally, BTIG Research reissued a “neutral” rating on shares of Eagle Bulk Shipping in a research report on Friday, January 5th.

Eagle Bulk Shipping Stock Performance

NASDAQ EGLE opened at $62.60 on Monday. Eagle Bulk Shipping has a fifty-two week low of $39.15 and a fifty-two week high of $65.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.77 and a current ratio of 0.89. The stock has a 50 day simple moving average of $61.30 and a two-hundred day simple moving average of $52.76. The stock has a market cap of $692.98 million, a P/E ratio of 40.92 and a beta of 1.49.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings data on Monday, March 4th. The shipping company reported $1.13 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $104.59 million during the quarter, compared to analysts’ expectations of $76.16 million. On average, analysts forecast that Eagle Bulk Shipping will post 4.86 earnings per share for the current year.

Eagle Bulk Shipping Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date was Tuesday, March 12th. This is a positive change from Eagle Bulk Shipping’s previous quarterly dividend of $0.10. Eagle Bulk Shipping’s dividend payout ratio (DPR) is 156.86%.

Insider Activity at Eagle Bulk Shipping

In related news, major shareholder Castor Maritime Inc. acquired 69,635 shares of Eagle Bulk Shipping stock in a transaction that occurred on Wednesday, April 3rd. The stock was bought at an average price of $62.65 per share, with a total value of $4,362,632.75. Following the transaction, the insider now directly owns 1,461,135 shares in the company, valued at $91,540,107.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in Eagle Bulk Shipping by 102.0% during the 1st quarter. Tower Research Capital LLC TRC now owns 612 shares of the shipping company’s stock valued at $28,000 after buying an additional 309 shares in the last quarter. Worth Asset Management LLC bought a new stake in shares of Eagle Bulk Shipping in the 1st quarter worth $35,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Eagle Bulk Shipping in the 2nd quarter worth $66,000. Advisory Services Network LLC increased its holdings in shares of Eagle Bulk Shipping by 681.0% in the 1st quarter. Advisory Services Network LLC now owns 1,476 shares of the shipping company’s stock worth $67,000 after purchasing an additional 1,287 shares in the last quarter. Finally, Money Concepts Capital Corp bought a new stake in shares of Eagle Bulk Shipping in the 4th quarter worth $72,000. Institutional investors own 70.60% of the company’s stock.

About Eagle Bulk Shipping

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.