Zacks Investment Research upgraded shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a hold rating to a buy rating in a research report report published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $6.50 target price on the shipping company’s stock.
According to Zacks, “Eagle Bulk Shipping is the largest U.S. based owner of Handymax dry bulk vessels. Handymax dry bulk vessels range in size from 35,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. “
Several other analysts have also recently weighed in on the stock. BidaskClub raised shares of Zebra Technologies from a hold rating to a buy rating in a report on Saturday, July 6th. ValuEngine raised shares of Zuora from a hold rating to a buy rating in a report on Saturday, July 6th. Finally, Maxim Group set a $7.00 price objective on shares of Eagle Bulk Shipping and gave the stock a buy rating in a report on Wednesday, May 8th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Eagle Bulk Shipping presently has a consensus rating of Buy and an average price target of $6.68.
Shares of NASDAQ:EGLE opened at $5.65 on Wednesday. The company has a 50 day moving average price of $4.99. The firm has a market capitalization of $415.52 million, a PE ratio of 37.87 and a beta of 1.29. Eagle Bulk Shipping has a fifty-two week low of $3.85 and a fifty-two week high of $6.09. The company has a current ratio of 1.30, a quick ratio of 1.13 and a debt-to-equity ratio of 0.68.
Eagle Bulk Shipping (NASDAQ:EGLE) last issued its earnings results on Tuesday, May 7th. The shipping company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.10. The firm had revenue of $51.48 million for the quarter, compared to analysts’ expectations of $47.72 million. Eagle Bulk Shipping had a net margin of 4.07% and a return on equity of 2.25%. On average, research analysts predict that Eagle Bulk Shipping will post 0.09 EPS for the current fiscal year.
In other Eagle Bulk Shipping news, CEO Gary Vogel sold 32,120 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $5.65, for a total transaction of $181,478.00. Following the sale, the chief executive officer now owns 1,105,432 shares of the company’s stock, valued at $6,245,690.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Oaktree Capital Group Holdings acquired 560,600 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $4.70 per share, for a total transaction of $2,634,820.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 734,100 shares of company stock worth $3,437,755 and have sold 84,890 shares worth $463,262. 4.10% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in EGLE. BNP Paribas Arbitrage SA increased its holdings in shares of Eagle Bulk Shipping by 465.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,943 shares of the shipping company’s stock valued at $46,000 after acquiring an additional 8,185 shares during the period. West Chester Capital Advisors Inc. acquired a new position in shares of Eagle Bulk Shipping in the 1st quarter valued at $47,000. Mraz Amerine & Associates Inc. acquired a new position in shares of Eagle Bulk Shipping in the 1st quarter valued at $87,000. Paloma Partners Management Co acquired a new position in shares of Eagle Bulk Shipping in the 4th quarter valued at $153,000. Finally, Rhumbline Advisers increased its holdings in shares of Eagle Bulk Shipping by 42.7% in the 4th quarter. Rhumbline Advisers now owns 68,656 shares of the shipping company’s stock valued at $317,000 after acquiring an additional 20,557 shares during the period. 84.11% of the stock is currently owned by institutional investors and hedge funds.
Eagle Bulk Shipping Company Profile
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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