Eagle Bulk Shipping (NASDAQ:EGLE) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.
Other equities analysts have also recently issued reports about the stock. Maxim Group raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating and raised their target price for the company from $6.00 to $7.50 in a research note on Wednesday, July 25th. BidaskClub raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research note on Saturday, June 2nd. DNB Markets initiated coverage on shares of Eagle Bulk Shipping in a research report on Monday, June 18th. They set a “buy” rating for the company. Noble Financial set a $6.00 price objective on shares of Eagle Bulk Shipping and gave the stock a “buy” rating in a research report on Thursday, August 9th. Finally, Morgan Stanley initiated coverage on shares of Eagle Bulk Shipping in a research report on Monday, June 18th. They set an “equal weight” rating and a $6.50 price objective for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $6.58.
NASDAQ:EGLE opened at $5.00 on Tuesday. Eagle Bulk Shipping has a 1-year low of $4.18 and a 1-year high of $6.14. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.76 and a quick ratio of 2.48. The firm has a market capitalization of $365.92 million, a P/E ratio of -11.90 and a beta of 2.23.
Eagle Bulk Shipping (NASDAQ:EGLE) last released its earnings results on Tuesday, August 7th. The shipping company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Eagle Bulk Shipping had a negative net margin of 8.00% and a negative return on equity of 1.79%. The firm had revenue of $57.73 million during the quarter, compared to the consensus estimate of $57.76 million. sell-side analysts anticipate that Eagle Bulk Shipping will post 0.2 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in EGLE. Millennium Management LLC boosted its position in Eagle Bulk Shipping by 67.9% during the fourth quarter. Millennium Management LLC now owns 146,157 shares of the shipping company’s stock worth $655,000 after purchasing an additional 59,101 shares during the period. Wells Fargo & Company MN boosted its position in Eagle Bulk Shipping by 278.0% during the first quarter. Wells Fargo & Company MN now owns 22,573 shares of the shipping company’s stock worth $112,000 after purchasing an additional 16,601 shares during the period. Oppenheimer & Co. Inc. bought a new position in Eagle Bulk Shipping during the first quarter worth $252,000. Trexquant Investment LP boosted its position in Eagle Bulk Shipping by 31.3% during the first quarter. Trexquant Investment LP now owns 62,143 shares of the shipping company’s stock worth $308,000 after purchasing an additional 14,812 shares during the period. Finally, Engineers Gate Manager LP bought a new position in Eagle Bulk Shipping during the first quarter worth $247,000. 46.71% 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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