Eagle Bulk Shipping Inc. (EGLE) Expected to Announce Quarterly Sales of $38.14 Million
Equities research analysts expect Eagle Bulk Shipping Inc. (NASDAQ:EGLE) to post sales of $38.14 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Eagle Bulk Shipping’s earnings, with the lowest sales estimate coming in at $36.18 million and the highest estimate coming in at $40.10 million. Eagle Bulk Shipping posted sales of $35.79 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.6%. The business is expected to report its next quarterly earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Eagle Bulk Shipping will report full year sales of $38.14 million for the current year, with estimates ranging from $145.70 million to $160.59 million. For the next fiscal year, analysts expect that the company will report sales of $170.61 million per share, with estimates ranging from $154.70 million to $186.51 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Eagle Bulk Shipping.
EGLE has been the subject of several analyst reports. Zacks Investment Research cut Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. BidaskClub cut Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, ValuEngine raised Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 10th.
Shares of Eagle Bulk Shipping (NASDAQ EGLE) opened at 4.52 on Tuesday. The firm has a 50-day moving average price of $4.51 and a 200-day moving average price of $5.06. Eagle Bulk Shipping has a 1-year low of $4.06 and a 1-year high of $12.45.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $569,000. Horseman Capital Management Ltd acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $690,000. Airain ltd acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $828,000. Laurion Capital Management LP acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $494,000. Finally, Segantii Capital Management Ltd boosted its position in Eagle Bulk Shipping by 985.2% in the first quarter. Segantii Capital Management Ltd now owns 43,407 shares of the shipping company’s stock valued at $247,000 after buying an additional 39,407 shares in the last quarter. 14.13% of the stock is owned by institutional investors and hedge funds.
About Eagle Bulk Shipping
Eagle Bulk Shipping Inc is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. The Company operates in the Handymax sector of the dry bulk industry, with particular emphasis on the Supramax class of vessels.
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