Cubist Systematic Strategies LLC lowered its stake in shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) by 25.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,378 shares of the shipping company’s stock after selling 5,374 shares during the period. Cubist Systematic Strategies LLC’s holdings in Eagle Bulk Shipping were worth $81,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in Eagle Bulk Shipping by 30.7% during the 2nd quarter. BlackRock Inc. now owns 3,323,264 shares of the shipping company’s stock valued at $17,414,000 after acquiring an additional 780,881 shares in the last quarter. Bank of America Corp DE grew its stake in Eagle Bulk Shipping by 1.9% during the 2nd quarter. Bank of America Corp DE now owns 599,174 shares of the shipping company’s stock valued at $3,140,000 after acquiring an additional 11,235 shares in the last quarter. Northern Trust Corp grew its stake in Eagle Bulk Shipping by 4.5% during the 2nd quarter. Northern Trust Corp now owns 576,910 shares of the shipping company’s stock valued at $3,023,000 after acquiring an additional 24,717 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in Eagle Bulk Shipping during the 2nd quarter valued at about $471,000. Finally, Parametric Portfolio Associates LLC grew its stake in Eagle Bulk Shipping by 78.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 42,568 shares of the shipping company’s stock valued at $223,000 after acquiring an additional 18,754 shares in the last quarter. 85.33% of the stock is owned by institutional investors and hedge funds.
In other Eagle Bulk Shipping news, CEO Gary Vogel sold 27,932 shares of the firm’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 transaction, the chief executive officer now directly owns 1,054,620 shares of the company’s stock, valued at approximately $4,946,167.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul M. Jr. Leand acquired 59,300 shares of the stock in a transaction on Wednesday, August 28th. The shares were acquired at an average cost of $4.17 per share, for a total transaction of $247,281.00. Following the completion of the transaction, the director now directly owns 189,658 shares in the company, valued at approximately $790,873.86. The disclosure for this purchase can be found here. Company insiders own 4.10% of the company’s stock.
Eagle Bulk Shipping (NASDAQ:EGLE) last posted its earnings results on Wednesday, November 6th. The shipping company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.04). The company had revenue of $54.66 million during the quarter, compared to analysts’ expectations of $55.95 million. Eagle Bulk Shipping had a net margin of 1.03% and a return on equity of 0.27%. Sell-side analysts expect that Eagle Bulk Shipping Inc. will post -0.01 earnings per share for the current year.
EGLE has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on shares of Eagle Bulk Shipping in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $6.00 price target for the company. TheStreet cut shares of Eagle Bulk Shipping from a “c” rating to a “d+” rating in a research note on Wednesday, August 14th. BidaskClub cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Zacks Investment Research cut shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Finally, Noble Financial reissued a “buy” rating and issued a $6.00 price target on shares of Eagle Bulk Shipping in a research note on Wednesday, September 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.80.
Eagle Bulk Shipping 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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