Zacks: Analysts Anticipate Eagle Bulk Shipping Inc. (EGLE) Will Announce Quarterly Sales of $38.14 Million
Equities research analysts predict that Eagle Bulk Shipping Inc. (NASDAQ:EGLE) will post sales of $38.14 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Eagle Bulk Shipping’s earnings, with estimates ranging from $36.18 million to $40.10 million. Eagle Bulk Shipping posted sales of $35.79 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.6%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Thursday, November 2nd.
On average, 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 year, analysts anticipate that the business will post sales of $170.61 million per share, with estimates ranging from $154.70 million to $186.51 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Eagle Bulk Shipping.
Several analysts have recently issued reports on EGLE shares. Zacks Investment Research cut Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 13th. Maxim Group set a $5.00 price objective on Eagle Bulk Shipping and gave the company a “hold” rating in a research note on Wednesday, August 30th. BidaskClub cut Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Finally, ValuEngine upgraded Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $5.67.
Shares of Eagle Bulk Shipping (NASDAQ:EGLE) opened at 4.75 on Friday. Eagle Bulk Shipping has a 12 month low of $4.06 and a 12 month high of $11.16. The firm’s 50-day moving average price is $4.67 and its 200-day moving average price is $4.66.
A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Eagle Bulk Shipping by 175.5% in the second quarter. Vanguard Group Inc. now owns 1,575,759 shares of the shipping company’s stock valued at $7,453,000 after buying an additional 1,003,873 shares in the last quarter. State Street Corp acquired a new stake in Eagle Bulk Shipping in the second quarter valued at $1,905,000. Northern Trust Corp acquired a new stake in Eagle Bulk Shipping in the second quarter valued at $1,558,000. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV raised its stake in Eagle Bulk Shipping by 60.0% in the second quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 160,000 shares of the shipping company’s stock valued at $757,000 after buying an additional 60,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. acquired a new stake in Eagle Bulk Shipping in the first quarter valued at $821,000. Institutional investors own 17.79% of the company’s stock.
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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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