Eagle Bulk Shipping Inc. (NASDAQ:EGLE) was the recipient of a large increase in short interest during the month of September. As of September 28th, there was short interest totalling 859,574 shares, an increase of 57.8% from the September 14th total of 544,773 shares. Based on an average trading volume of 550,591 shares, the short-interest ratio is currently 1.6 days. Currently, 1.3% of the shares of the stock are sold short.

Eagle Bulk Shipping stock opened at $5.21 on Friday. Eagle Bulk Shipping has a 12-month low of $4.18 and a 12-month high of $6.14. The stock has a market cap of $410.47 million, a price-to-earnings ratio of -12.40 and a beta of 1.73. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.48 and a current ratio of 2.76.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings results on Tuesday, August 7th. The shipping company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). Eagle Bulk Shipping had a negative return on equity of 1.79% and a negative net margin of 8.00%. The firm had revenue of $57.73 million for the quarter, compared to analyst estimates of $57.76 million. As a group, equities research analysts expect that Eagle Bulk Shipping will post 0.2 EPS for the current fiscal year.

A number of equities research analysts recently commented on the stock. Noble Financial set a $6.00 price objective on shares of Eagle Bulk Shipping and gave the company a “buy” rating in a research note on Thursday, August 9th. ValuEngine cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Maxim Group raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating and raised their price target for the stock from $6.00 to $7.50 in a research note on Wednesday, July 25th. BidaskClub raised shares of Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Finally, Morgan Stanley initiated coverage on shares of Eagle Bulk Shipping in a research note on Monday, June 18th. They set an “equal weight” rating and a $6.50 price target on the stock. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $6.86.

Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in shares of Eagle Bulk Shipping by 1.8% in the second quarter. Bank of America Corp DE now owns 584,217 shares of the shipping company’s stock worth $3,179,000 after acquiring an additional 10,288 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Eagle Bulk Shipping by 30.9% in the second quarter. Rhumbline Advisers now owns 48,099 shares of the shipping company’s stock worth $262,000 after acquiring an additional 11,344 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Eagle Bulk Shipping by 278.0% in the first quarter. Wells Fargo & Company MN now owns 22,573 shares of the shipping company’s stock worth $112,000 after acquiring an additional 16,601 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Eagle Bulk Shipping by 29.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 83,500 shares of the shipping company’s stock worth $455,000 after acquiring an additional 19,000 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Eagle Bulk Shipping by 319.0% in the second quarter. Tower Research Capital LLC TRC now owns 26,944 shares of the shipping company’s stock worth $146,000 after acquiring an additional 20,514 shares during the last quarter. 46.71% of the stock is currently owned by institutional investors.

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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