Eagle Bulk Shipping (EGLE) Now Covered by Noble Financial

Stock analysts at Noble Financial started coverage on shares of Eagle Bulk Shipping (NASDAQ:EGLE) in a report released on Friday. The brokerage set a “buy” rating and a $6.00 price target on the shipping company’s stock. Noble Financial’s price target suggests a potential upside of 22.45% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. ValuEngine cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. Zacks Investment Research cut shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Finally, Maxim Group restated a “hold” rating and issued a $4.50 price target on shares of Eagle Bulk Shipping in a research report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Eagle Bulk Shipping presently has a consensus rating of “Hold” and an average price target of $5.75.

Eagle Bulk Shipping (NASDAQ EGLE) opened at $4.90 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.25 and a quick ratio of 3.75. Eagle Bulk Shipping has a 12-month low of $4.18 and a 12-month high of $7.61. The stock has a market cap of $363.11, a P/E ratio of -1.46 and a beta of 3.36.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Neuberger Berman Group LLC acquired a new position in Eagle Bulk Shipping in the 3rd quarter valued at approximately $13,609,000. Mangrove Partners increased its position in Eagle Bulk Shipping by 1,426.5% in the 3rd quarter. Mangrove Partners now owns 2,377,767 shares of the shipping company’s stock valued at $10,771,000 after acquiring an additional 2,222,000 shares during the period. Royce & Associates LP acquired a new position in Eagle Bulk Shipping in the 3rd quarter valued at approximately $1,092,000. California State Teachers Retirement System acquired a new position in Eagle Bulk Shipping in the 2nd quarter valued at approximately $322,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Eagle Bulk Shipping by 5,708.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock valued at $162,000 after purchasing an additional 33,794 shares during the last quarter. Hedge funds and other institutional investors own 26.30% of the company’s stock.

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About Eagle Bulk Shipping

Eagle Bulk Shipping Inc is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. The Company operates in the Handymax sector of the dry bulk industry, with particular emphasis on the Supramax class of vessels.

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