Eagle Bulk Shipping Inc. (EGLE) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS
Eagle Bulk Shipping Inc. (NASDAQ:EGLE) issued its earnings results on Thursday. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.06), reports. Eagle Bulk Shipping had a negative net margin of 100.90% and a negative return on equity of 11.66%.
Eagle Bulk Shipping (EGLE) traded down $0.05 during mid-day trading on Friday, reaching $4.43. 570,054 shares of the company traded hands, compared to its average volume of 233,829. The company has a quick ratio of 4.44, a current ratio of 5.00 and a debt-to-equity ratio of 0.61. Eagle Bulk Shipping has a 1 year low of $4.08 and a 1 year high of $11.16.
EGLE has been the subject of several research analyst reports. Zacks Investment Research cut shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. BidaskClub downgraded shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Maxim Group set a $5.00 price target on shares of Eagle Bulk Shipping and gave the company a “hold” rating in a research report on Wednesday, August 30th. Finally, ValuEngine upgraded shares of Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $5.50.
A number of hedge funds have recently added to or reduced their stakes in EGLE. The Manufacturers Life Insurance Company raised its position in Eagle Bulk Shipping by 5,708.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock worth $162,000 after buying an additional 33,794 shares during the last quarter. California State Teachers Retirement System purchased a new position in Eagle Bulk Shipping during the 2nd quarter worth $322,000. Finally, State Street Corp purchased a new position in Eagle Bulk Shipping during the 2nd quarter worth $1,905,000. Hedge funds and other institutional investors own 17.62% of the company’s stock.
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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