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Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Receives Average Rating of “Buy” from Analysts

Eagle Bulk Shipping Inc. (NASDAQ:EGLE – Get Rating) has received an average rating of “Buy” from the eight ratings firms that are currently covering the stock, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $74.00.

EGLE has been the topic of several research reports. Alliance Global Partners initiated coverage on Eagle Bulk Shipping in a research report on Wednesday, August 3rd. They issued a “buy” rating and a $85.00 target price on the stock. Jefferies Financial Group initiated coverage on Eagle Bulk Shipping in a research report on Wednesday, July 20th. They issued a “buy” rating and a $64.00 target price on the stock. HC Wainwright upped their target price on Eagle Bulk Shipping from $80.00 to $90.00 in a research report on Monday, May 9th. StockNews.com raised Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Clarkson Capital reaffirmed a “buy” rating on shares of Eagle Bulk Shipping in a research report on Tuesday, June 14th.

Eagle Bulk Shipping Stock Performance

Shares of EGLE opened at $47.77 on Friday. Eagle Bulk Shipping has a 12 month low of $36.21 and a 12 month high of $78.75. The stock has a fifty day moving average price of $51.14 and a 200-day moving average price of $58.53. The company has a current ratio of 1.79, a quick ratio of 1.61 and a debt-to-equity ratio of 0.42. The firm has a market cap of $653.97 million, a PE ratio of 2.47 and a beta of 1.35.

Eagle Bulk Shipping Increases Dividend

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The firm also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Stockholders of record on Tuesday, August 16th will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Monday, August 15th. This is a boost from Eagle Bulk Shipping’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 18.42%. Eagle Bulk Shipping’s dividend payout ratio (DPR) is 45.45%.

Insider Activity

In other news, CFO Costanzo Frank De sold 3,022 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $78.06, for a total transaction of $235,897.32. Following the sale, the chief financial officer now directly owns 52,323 shares in the company, valued at approximately $4,084,333.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Watershed Asset Management L.L.C. lifted its stake in Eagle Bulk Shipping by 8.9% in the 2nd quarter. Watershed Asset Management L.L.C. now owns 4,750 shares of the shipping company’s stock valued at $246,000 after buying an additional 390 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Eagle Bulk Shipping in the 1st quarter valued at about $31,000. Price T Rowe Associates Inc. MD lifted its stake in Eagle Bulk Shipping by 11.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,581 shares of the shipping company’s stock valued at $238,000 after buying an additional 487 shares in the last quarter. CHURCHILL MANAGEMENT Corp lifted its stake in Eagle Bulk Shipping by 0.3% in the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 188,653 shares of the shipping company’s stock valued at $9,787,000 after buying an additional 508 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Eagle Bulk Shipping by 78.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,277 shares of the shipping company’s stock valued at $66,000 after buying an additional 563 shares in the last quarter. 72.13% of the stock is owned by hedge funds and other institutional investors.

About Eagle Bulk Shipping

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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, cement, and forest products. It serves miners, producers, traders, and end users.

See Also

Analyst Recommendations for Eagle Bulk Shipping (NASDAQ:EGLE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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