Eagle Bulk Shipping (EGLE) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research cut shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a hold rating to a sell rating in a report released on Tuesday.

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 equities analysts have also recently commented on EGLE. ValuEngine raised shares of Eagle Bulk Shipping from a sell rating to a hold rating in a research report on Tuesday, July 10th. BidaskClub cut shares of Eagle Bulk Shipping from a hold rating to a sell rating in a research report on Friday, July 13th. Maxim Group upgraded shares of Eagle Bulk Shipping from a hold rating to a buy rating and raised their price objective for the company from $6.00 to $7.50 in a report on Wednesday, July 25th. Finally, Noble Financial set a $6.00 price objective on shares of Eagle Bulk Shipping and gave the company a buy rating in a report on Thursday, August 9th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $6.86.

Shares of EGLE stock opened at $4.97 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.76 and a quick ratio of 2.48. Eagle Bulk Shipping has a 52 week low of $4.18 and a 52 week high of $6.14. The company has a market capitalization of $370.30 million, a price-to-earnings ratio of -11.83 and a beta of 1.73.

Eagle Bulk Shipping (NASDAQ:EGLE) last issued its quarterly earnings results on Tuesday, August 7th. The shipping company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $57.73 million during the quarter, compared to analysts’ expectations of $57.76 million. As a group, equities analysts forecast that Eagle Bulk Shipping will post 0.21 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN increased its stake in Eagle Bulk Shipping by 278.0% in the first quarter. Wells Fargo & Company MN now owns 22,573 shares of the shipping company’s stock valued at $112,000 after purchasing an additional 16,601 shares during the period. Tower Research Capital LLC TRC increased its stake in Eagle Bulk Shipping by 319.0% in the second quarter. Tower Research Capital LLC TRC now owns 26,944 shares of the shipping company’s stock valued at $146,000 after purchasing an additional 20,514 shares during the period. Royal Bank of Canada increased its stake in Eagle Bulk Shipping by 57,096.6% in the first quarter. Royal Bank of Canada now owns 33,174 shares of the shipping company’s stock valued at $164,000 after purchasing an additional 33,116 shares during the period. Cubist Systematic Strategies LLC increased its stake in Eagle Bulk Shipping by 162.6% in the second quarter. Cubist Systematic Strategies LLC now owns 42,701 shares of the shipping company’s stock valued at $232,000 after purchasing an additional 26,441 shares during the period. Finally, Rhumbline Advisers increased its stake in Eagle Bulk Shipping by 30.9% in the second quarter. Rhumbline Advisers now owns 48,099 shares of the shipping company’s stock valued at $262,000 after purchasing an additional 11,344 shares during the period. Hedge funds and other institutional investors own 46.69% of the company’s stock.

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.

See Also: Cash Flow

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