Eagle Bulk Shipping Inc. (EGLE) Upgraded 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 research report released on Monday. They currently have $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. “

Separately, Seaport Global Securities reaffirmed a buy rating and issued a $7.00 target price on shares of Eagle Bulk Shipping in a report on Thursday, March 9th.

Eagle Bulk Shipping (NASDAQ:EGLE) traded down 3.14% during midday trading on Monday, reaching $4.32. The company had a trading volume of 94,776 shares. Eagle Bulk Shipping has a 1-year low of $4.06 and a 1-year high of $12.45. The firm’s 50 day moving average is $4.75 and its 200 day moving average is $5.50.

Eagle Bulk Shipping (NASDAQ:EGLE) last issued its earnings results on Monday, May 8th. The shipping company reported ($0.17) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.05. Eagle Bulk Shipping had a negative net margin of 131.02% and a negative return on equity of 15.35%. The company had revenue of $45.86 million during the quarter, compared to analysts’ expectations of $31.30 million. On average, equities analysts expect that Eagle Bulk Shipping will post ($0.65) EPS for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of the company. Weiss Multi Strategy Advisers LLC acquired a new position in shares of Eagle Bulk Shipping during the first quarter worth $172,000. Geode Capital Management LLC boosted its position in shares of Eagle Bulk Shipping by 65.5% in the first quarter. Geode Capital Management LLC now owns 35,557 shares of the shipping company’s stock worth $202,000 after buying an additional 14,066 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Eagle Bulk Shipping by 166.0% in the first quarter. Dimensional Fund Advisors LP now owns 42,218 shares of the shipping company’s stock worth $240,000 after buying an additional 26,346 shares during the period. Segantii Capital Management Ltd boosted its position in shares of Eagle Bulk Shipping by 985.2% in the first quarter. Segantii Capital Management Ltd now owns 43,407 shares of the shipping company’s stock worth $247,000 after buying an additional 39,407 shares during the period. Finally, BlueCrest Capital Management Ltd boosted its position in shares of Eagle Bulk Shipping by 447.0% in the first quarter. BlueCrest Capital Management Ltd now owns 54,700 shares of the shipping company’s stock worth $311,000 after buying an additional 44,700 shares during the period. 13.88% of the stock is owned by institutional investors and hedge funds.

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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