Brokerages expect that Eagle Bulk Shipping Inc (NASDAQ:EGLE) will post $58.34 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Eagle Bulk Shipping’s earnings. The highest sales estimate is $72.11 million and the lowest is $45.90 million. Eagle Bulk Shipping posted sales of $41.84 million in the same quarter last year, which suggests a positive year over year growth rate of 39.4%. The business is scheduled to issue its next quarterly earnings results on Thursday, March 29th.
According to Zacks, analysts expect that Eagle Bulk Shipping will report full year sales of $58.34 million for the current year, with estimates ranging from $163.90 million to $234.30 million. For the next financial year, analysts forecast that the firm will report sales of $227.27 million per share, with estimates ranging from $151.60 million to $286.33 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Eagle Bulk Shipping.
A number of research firms have recently commented on EGLE. Deutsche Bank began coverage on shares of Eagle Bulk Shipping in a research note on Thursday, January 25th. They set a “buy” rating and a $7.00 target price for the company. Noble Financial began coverage on shares of Eagle Bulk Shipping in a research note on Friday, January 12th. They set a “buy” rating and a $6.00 target price for the company. Maxim Group reissued a “hold” rating and set a $4.50 target price on shares of Eagle Bulk Shipping in a research note on Thursday, November 2nd. BidaskClub raised shares of Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research note on Friday. Finally, Zacks Investment Research upgraded shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a research report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Eagle Bulk Shipping has a consensus rating of “Hold” and a consensus target price of $6.00.
A number of institutional investors and hedge funds have recently bought and sold shares of EGLE. Nationwide Fund Advisors boosted its position in Eagle Bulk Shipping by 1,097.4% during the second quarter. Nationwide Fund Advisors now owns 23,338 shares of the shipping company’s stock worth $110,000 after acquiring an additional 21,389 shares during the last quarter. Citadel Advisors LLC acquired a new position in Eagle Bulk Shipping during the fourth quarter worth about $123,000. The Manufacturers Life Insurance Company boosted its position in Eagle Bulk Shipping by 5,708.4% during the second quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock worth $162,000 after acquiring an additional 33,794 shares during the last quarter. SG Americas Securities LLC acquired a new position in Eagle Bulk Shipping during the fourth quarter worth about $171,000. Finally, Virtu KCG Holdings LLC acquired a new position in Eagle Bulk Shipping during the second quarter worth about $174,000. Hedge funds and other institutional investors own 26.26% 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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