Eagle Bulk Shipping Inc. (NASDAQ:EGLE) is Attracting Smart Money

In a just published Form 13, filed with the US Securities and Exchange Commission (SEC),...
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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 66,666,667 of common stock as of 2017-01-31.

The acquisition brings the aggregate amount owned by Ac Maritime, Ltd. to a total of 66,666,667 representing a 6.92% 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.

 A glance at Eagle Bulk Shipping Inc. (NASDAQ:EGLE)’s key stats reveals a current market capitalization of 305.96 million based on 48.11 million shares outstanding and a price at last close of $6.04 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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