Bank of America Corp DE Increases Holdings in Eagle Bulk Shipping Inc. (NASDAQ:EGLE)

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Bank of America Corp DE raised its stake in Eagle Bulk Shipping Inc. (NASDAQ:EGLE) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 599,174 shares of the shipping company’s stock after purchasing an additional 11,235 shares during the quarter. Bank of America Corp DE owned 0.82% of Eagle Bulk Shipping worth $3,140,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Northern Trust Corp grew its holdings in Eagle Bulk Shipping by 4.5% during the second quarter. Northern Trust Corp now owns 576,910 shares of the shipping company’s stock valued at $3,023,000 after purchasing an additional 24,717 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in shares of Eagle Bulk Shipping by 78.8% in the second quarter. Parametric Portfolio Associates LLC now owns 42,568 shares of the shipping company’s stock worth $223,000 after acquiring an additional 18,754 shares during the period. Municipal Employees Retirement System of Michigan bought a new position in shares of Eagle Bulk Shipping in the second quarter worth $471,000. Aperio Group LLC bought a new position in shares of Eagle Bulk Shipping in the second quarter worth $42,000. Finally, BlackRock Inc. boosted its holdings in shares of Eagle Bulk Shipping by 30.7% in the second quarter. BlackRock Inc. now owns 3,323,264 shares of the shipping company’s stock worth $17,414,000 after acquiring an additional 780,881 shares during the period. 85.33% of the stock is owned by institutional investors.

A number of equities research analysts recently issued reports on EGLE shares. ValuEngine downgraded Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Jefferies Financial Group started coverage on Eagle Bulk Shipping in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $6.00 price objective on the stock. Zacks Investment Research downgraded Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. TheStreet downgraded Eagle Bulk Shipping from a “c” rating to a “d+” rating in a research report on Wednesday, August 14th. Finally, BidaskClub downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $5.80.

Shares of NASDAQ:EGLE traded up $0.10 on Friday, reaching $4.05. 405,700 shares of the company traded hands, compared to its average volume of 405,619. The business’s 50-day simple moving average is $4.44 and its 200 day simple moving average is $4.79. Eagle Bulk Shipping Inc. has a 52 week low of $3.85 and a 52 week high of $5.92. The stock has a market capitalization of $323.35 million, a P/E ratio of 22.50 and a beta of 1.42. The company has a current ratio of 1.03, a quick ratio of 0.85 and a debt-to-equity ratio of 0.66.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its earnings results on Wednesday, November 6th. The shipping company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.04). Eagle Bulk Shipping had a net margin of 1.03% and a return on equity of 0.27%. The business had revenue of $54.66 million for the quarter, compared to analysts’ expectations of $55.95 million. Sell-side analysts expect that Eagle Bulk Shipping Inc. will post -0.01 EPS for the current fiscal year.

In related news, major shareholder Oaktree Capital Group Holdings bought 310,056 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average cost of $4.20 per share, for a total transaction of $1,302,235.20. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gary Vogel sold 27,932 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.69, for a total transaction of $131,001.08. Following the sale, the chief executive officer now owns 1,054,620 shares of the company’s stock, valued at $4,946,167.80. The disclosure for this sale can be found here. 4.10% of the stock is owned by insiders.

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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Institutional Ownership by Quarter for Eagle Bulk Shipping (NASDAQ:EGLE)

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