Eagle Bulk Shipping Inc. (EGLE) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) from a hold rating to a buy rating in a report released on Thursday morning. The brokerage currently has $5.00 price target 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. “

Other analysts also recently issued research reports about the stock. Maxim Group reissued a hold rating and set a $4.50 target price on shares of Eagle Bulk Shipping in a research report on Thursday, November 2nd. ValuEngine downgraded shares of Eagle Bulk Shipping from a hold rating to a sell rating in a research report on Thursday. Finally, BidaskClub downgraded shares of Eagle Bulk Shipping from a sell rating to a strong sell rating in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $5.50.

Eagle Bulk Shipping (NASDAQ EGLE) traded down $0.06 on Thursday, reaching $4.44. 186,100 shares of the company were exchanged, compared to its average volume of 312,992. Eagle Bulk Shipping has a 12-month low of $4.24 and a 12-month high of $11.16. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.25 and a quick ratio of 4.44.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System acquired a new stake in Eagle Bulk Shipping during the 2nd quarter worth approximately $322,000. The Manufacturers Life Insurance Company grew its position in Eagle Bulk Shipping by 5,708.4% in the second quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock valued at $162,000 after acquiring an additional 33,794 shares in the last quarter. State Street Corp acquired a new stake in Eagle Bulk Shipping in the second quarter valued at approximately $1,905,000. Dimensional Fund Advisors LP grew its position in Eagle Bulk Shipping by 164.7% in the second quarter. Dimensional Fund Advisors LP now owns 111,754 shares of the shipping company’s stock valued at $529,000 after acquiring an additional 69,536 shares in the last quarter. Finally, Virtu KCG Holdings LLC acquired a new stake in Eagle Bulk Shipping in the second quarter valued at approximately $174,000. 17.62% of the stock is owned by hedge funds and other institutional investors.

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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