Eagle Bulk Shipping Inc. (NASDAQ:EGLE) was the recipient of a significant growth in short interest in September. As of September 28th, there was short interest totalling 859,574 shares, a growth of 57.8% from the September 14th total of 544,773 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average trading volume of 550,591 shares, the days-to-cover ratio is currently 1.6 days.
A number of institutional investors have recently made changes to their positions in EGLE. Millennium Management LLC raised its holdings in Eagle Bulk Shipping by 612.6% in the first quarter. Millennium Management LLC now owns 1,041,454 shares of the shipping company’s stock worth $5,155,000 after purchasing an additional 895,297 shares in the last quarter. Signia Capital Management LLC bought a new position in Eagle Bulk Shipping in the second quarter worth about $3,544,000. BlackRock Inc. raised its holdings in Eagle Bulk Shipping by 36.9% in the second quarter. BlackRock Inc. now owns 2,341,425 shares of the shipping company’s stock worth $12,739,000 after purchasing an additional 631,400 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Eagle Bulk Shipping by 101.9% in the second quarter. Renaissance Technologies LLC now owns 1,226,284 shares of the shipping company’s stock worth $6,671,000 after purchasing an additional 618,884 shares in the last quarter. Finally, Royce & Associates LP raised its holdings in Eagle Bulk Shipping by 98.8% in the second quarter. Royce & Associates LP now owns 1,006,004 shares of the shipping company’s stock worth $5,473,000 after purchasing an additional 500,000 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.
Shares of Eagle Bulk Shipping stock opened at $5.21 on Friday. The stock has a market capitalization of $410.47 million, a price-to-earnings ratio of -12.40 and a beta of 1.73. The company has a quick ratio of 2.48, a current ratio of 2.76 and a debt-to-equity ratio of 0.64. Eagle Bulk Shipping has a one year low of $4.18 and a one year high of $6.14.
Eagle Bulk Shipping (NASDAQ:EGLE) last announced its earnings results on Tuesday, August 7th. The shipping company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $57.73 million during the quarter, compared to the consensus estimate of $57.76 million. Eagle Bulk Shipping had a negative return on equity of 1.79% and a negative net margin of 8.00%. On average, sell-side analysts anticipate that Eagle Bulk Shipping will post 0.2 EPS for the current year.
Several analysts recently weighed in on EGLE shares. Noble Financial set a $6.00 price objective on Eagle Bulk Shipping and gave the company a “buy” rating in a report on Thursday, August 9th. DNB Markets started coverage on Eagle Bulk Shipping in a report on Monday, June 18th. They issued a “buy” rating for the company. BidaskClub downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Friday, July 13th. ValuEngine downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Finally, Zacks Investment Research downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Monday, July 23rd. Two analysts have rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $6.86.
Eagle Bulk Shipping Company Profile
Eagle Bulk Shipping, Inc is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.
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