Eagle Bulk Shipping Inc. (EGLE) to Post FY2018 Earnings of $0.17 Per Share, Seaport Global Securities Forecasts

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) – Investment analysts at Seaport Global Securities lowered their FY2018 earnings per share estimates for Eagle Bulk Shipping in a note issued to investors on Wednesday, November 7th. Seaport Global Securities analyst M. Fyhr now anticipates that the shipping company will post earnings per share of $0.17 for the year, down from their prior forecast of $0.26. Seaport Global Securities also issued estimates for Eagle Bulk Shipping’s Q1 2019 earnings at $0.22 EPS and Q4 2019 earnings at $0.29 EPS.

Other research analysts have also recently issued research reports about the stock. Noble Financial reaffirmed a “buy” rating on shares of Eagle Bulk Shipping in a report on Thursday, September 6th. ValuEngine raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Maxim Group raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating and lifted their price objective for the company from $6.00 to $7.50 in a report on Wednesday, July 25th. B. Riley started coverage on shares of Eagle Bulk Shipping in a report on Thursday, October 4th. They issued a “buy” rating and a $8.50 price objective for the company. Finally, BidaskClub raised shares of Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $6.86.

EGLE opened at $4.43 on Friday. Eagle Bulk Shipping has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.76 and a quick ratio of 2.48. The firm has a market capitalization of $363.00 million, a price-to-earnings ratio of -10.55 and a beta of 1.73.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings data on Tuesday, November 6th. The shipping company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Eagle Bulk Shipping had a negative net margin of 3.52% and a positive return on equity of 0.96%. The company had revenue of $53.97 million during the quarter, compared to analysts’ expectations of $57.49 million.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Eagle Bulk Shipping by 36.9% during 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 increased its stake in shares of Eagle Bulk Shipping by 101.9% during 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. Millennium Management LLC increased its stake in shares of Eagle Bulk Shipping by 612.6% during 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. Royce & Associates LP increased its stake in shares of Eagle Bulk Shipping by 98.8% during 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. Finally, Dimensional Fund Advisors LP increased its stake in shares of Eagle Bulk Shipping by 80.6% during the second quarter. Dimensional Fund Advisors LP now owns 918,236 shares of the shipping company’s stock worth $4,995,000 after purchasing an additional 409,854 shares in the last quarter. 46.69% of the stock is owned by institutional investors and hedge funds.

About Eagle Bulk Shipping

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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Earnings History and Estimates for Eagle Bulk Shipping (NASDAQ:EGLE)

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