Zacks: Brokerages Expect Eagle Bulk Shipping Inc. (EGLE) Will Announce Quarterly Sales of $38.14 Million
Wall Street brokerages expect Eagle Bulk Shipping Inc. (NASDAQ:EGLE) to report $38.14 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Eagle Bulk Shipping’s earnings. The lowest sales estimate is $36.18 million and the highest is $40.10 million. Eagle Bulk Shipping reported sales of $35.79 million during the same quarter last year, which indicates a positive year over year growth rate of 6.6%. The business is expected to announce its next earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Eagle Bulk Shipping will report full year sales of $38.14 million for the current fiscal year, with estimates ranging from $145.70 million to $160.59 million. For the next fiscal year, analysts forecast that the business will report sales of $170.61 million per share, with estimates ranging from $154.70 million to $186.51 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Eagle Bulk Shipping.
A number of research firms have recently issued reports on EGLE. ValuEngine upgraded Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a report on Thursday, August 10th. Zacks Investment Research lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 13th. Maxim Group began coverage on Eagle Bulk Shipping in a report on Monday, August 21st. They issued a “hold” rating and a $4.50 target price for the company. Finally, BidaskClub lowered Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $5.67.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nationwide Fund Advisors raised its holdings in shares of 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 in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of Eagle Bulk Shipping during the first quarter worth $172,000. The Manufacturers Life Insurance Company raised its holdings in shares of 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 in the last quarter. Virtu KCG Holdings LLC purchased a new stake in shares of Eagle Bulk Shipping during the second quarter worth $174,000. Finally, Segantii Capital Management Ltd raised its holdings in shares of Eagle Bulk Shipping by 985.2% during the first quarter. Segantii Capital Management Ltd now owns 43,407 shares of the shipping company’s stock worth $247,000 after acquiring an additional 39,407 shares in the last quarter. Institutional investors own 17.75% of the company’s stock.
Shares of Eagle Bulk Shipping (EGLE) traded up 0.21% during midday trading on Thursday, hitting $4.67. The stock had a trading volume of 150,484 shares. The company’s 50-day moving average price is $4.55 and its 200-day moving average price is $4.84. Eagle Bulk Shipping has a 12-month low of $4.06 and a 12-month high of $11.16.
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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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