Movers and SHAKERS
Eagle Bulk Shipping (EGLE)
ATM Program and Selling Triggered After Strong Stock Move
Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
ATM program seems well timed. After more than doubling this year, the move to establish an ATM program of $50 million seemed logical, and equity-funded acquisitions could have a positive impact.
No surprise that the largest shareholder started selling. Bad news, good news, who knows? As we expected, the strong stock price move (and maybe the ATM program) also triggered selling by the largest shareholder. Filings last week indicated that selling started on March 10th and a total of ~275k shares were sold at an average price of $38.47/share over seven trading days. We would not be surprised ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.