In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Eagle Bulk Shipping Inc. (NASDAQ:EGLE) reported that Ac Maritime, Ltd. has picked up 3,333,333 of common stock as of 2017-04-27.
The acquisition brings the aggregate amount owned by Ac Maritime, Ltd. to a total of 3,333,333 representing less than 6.9% stake in the company.
For those not familiar with the company, Eagle Bulk Shipping Inc. (NASDAQ: EGLE) is a US-based owner and operator of dry bulk vessels, providing its customers with reliable and responsible global transportation services for the carriage of bulk commodities including: coal, grain, iron ore, steel, cement, and forest products, among others. Our owned fleet currently totals 40 vessels, all of which are focused on the mid-size asset class, referred to as Supramax. These vessels are between 50,000 and 59,000 deadweight tons and are ‘geared’, meaning they are equipped with onboard cranes allowing for the self-loading and unloading of cargoes. This feature distinguishes them from the larger classes of bulk carriers and provides greatly enhanced flexibility and versatility – both with respect to cargo diversity and port accessibility. Eagle operates 39 Supramax, 1 Handymax (48,000 deadweight) and 1 Handysize logs-fitted bulk carrier (37,000 deadweight), both of which are also geared.
A glance at Eagle Bulk Shipping Inc. (NASDAQ:EGLE)’s key stats reveals a current market capitalization of 364.59 Million based on 74.10 Million shares outstanding and a price at last close of $4.82 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-01-20, Oaktree picked up 7,600,000 at a purchase price of $4.50. This brings their total holding to 23,017,928 as of the date of the filing.
On the sell side, the most recent transaction saw Davidson unload 100,000 shares at a sale price of $9.18. This brings their total holding to 3,801,340.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Eagle Bulk Shipping Inc. (NASDAQ:EGLE) as things move forward to see if its progress aligns with these transactions.
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