Strategic Value Partners LLC bought a new position in shares of Eagle Bulk Shipping Inc (NASDAQ:EGLE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,394,312 shares of the shipping company’s stock, valued at approximately $10,727,000. Eagle Bulk Shipping accounts for 1.3% of Strategic Value Partners LLC’s portfolio, making the stock its 6th largest position. Strategic Value Partners LLC owned about 3.23% of Eagle Bulk Shipping at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. Neuberger Berman Group LLC purchased a new position in shares of Eagle Bulk Shipping during the 3rd quarter worth approximately $13,609,000. Mangrove Partners grew its holdings in shares of Eagle Bulk Shipping by 1,426.5% during the 3rd quarter. Mangrove Partners now owns 2,377,767 shares of the shipping company’s stock worth $10,771,000 after acquiring an additional 2,222,000 shares during the period. Vanguard Group Inc. grew its holdings in shares of Eagle Bulk Shipping by 175.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,575,759 shares of the shipping company’s stock worth $7,453,000 after acquiring an additional 1,003,873 shares during the period. Royce & Associates LP grew its holdings in shares of Eagle Bulk Shipping by 94.9% during the 4th quarter. Royce & Associates LP now owns 469,804 shares of the shipping company’s stock worth $2,105,000 after acquiring an additional 228,804 shares during the period. Finally, Raynor Geoffrey grew its holdings in shares of Eagle Bulk Shipping by 24.6% during the 4th quarter. Raynor Geoffrey now owns 447,011 shares of the shipping company’s stock worth $2,003,000 after acquiring an additional 88,255 shares during the period. Hedge funds and other institutional investors own 27.47% of the company’s stock.
A number of research analysts have weighed in on EGLE shares. Zacks Investment Research downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Tuesday, February 13th. ValuEngine cut Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. BidaskClub raised Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research report on Tuesday, March 6th. Maxim Group set a $5.00 price target on Eagle Bulk Shipping and gave the stock a “hold” rating in a research report on Sunday, November 19th. Finally, Noble Financial began coverage on Eagle Bulk Shipping in a research report on Friday, January 12th. They issued a “buy” rating and a $6.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Eagle Bulk Shipping presently has a consensus rating of “Hold” and a consensus price target of $5.75.
Eagle Bulk Shipping (NASDAQ:EGLE) last issued its quarterly earnings results on Monday, March 5th. The shipping company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. Eagle Bulk Shipping had a negative return on equity of 5.97% and a negative net margin of 18.50%. The firm had revenue of $74.59 million for the quarter, compared to analysts’ expectations of $58.34 million. research analysts predict that Eagle Bulk Shipping Inc will post 0.08 earnings per share for the current year.
Eagle Bulk Shipping Company Profile
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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