Eagle Bulk Shipping Inc. (NASDAQ:EGLE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage presently has a $5.00 target price on the shipping company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.61% from the stock’s previous close.
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. “
A number of other equities research analysts also recently weighed in on the company. Maxim Group set a $5.00 price target on Eagle Bulk Shipping and gave the company a “hold” rating in a report on Wednesday, August 30th. BidaskClub downgraded Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Finally, ValuEngine upgraded Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. Eagle Bulk Shipping presently has a consensus rating of “Hold” and an average price target of $5.50.
Shares of Eagle Bulk Shipping (NASDAQ EGLE) traded down $0.06 during midday trading on Thursday, hitting $4.44. The stock had a trading volume of 186,100 shares, compared to its average volume of 312,992. Eagle Bulk Shipping has a 1-year low of $4.24 and a 1-year high of $11.16. The company has a quick ratio of 4.44, a current ratio of 4.25 and a debt-to-equity ratio of 0.66.
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A number of institutional investors and hedge funds have recently modified their holdings of EGLE. Goldman Sachs Group Inc. bought a new position in Eagle Bulk Shipping during the 1st quarter worth $821,000. Schwab Charles Investment Management Inc. bought a new position in Eagle Bulk Shipping during the 2nd quarter worth $306,000. Rhumbline Advisers bought a new position in Eagle Bulk Shipping during the 2nd quarter worth $206,000. Bank of New York Mellon Corp bought a new position in Eagle Bulk Shipping during the 2nd quarter worth $496,000. Finally, Teachers Advisors LLC bought a new position in Eagle Bulk Shipping during the 2nd quarter worth $350,000. Hedge funds and other institutional investors own 17.62% of the company’s stock.
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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