Eagle Bulk Shipping Inc. (EGLE) Receives Average Rating of “Buy” from Analysts

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Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have earned a consensus rating of “Buy” from the ten research firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $7.40.

A number of equities analysts have commented on EGLE shares. ValuEngine downgraded shares of Eagle Bulk Shipping from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 25th. B. Riley started coverage on shares of Eagle Bulk Shipping in a research note on Thursday, October 4th. They set a “buy” rating and a $8.50 target price on the stock. Noble Financial reaffirmed a “buy” rating on shares of Eagle Bulk Shipping in a research note on Thursday, September 6th. BidaskClub downgraded shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Thursday, August 16th. Finally, Zacks Investment Research downgraded shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Friday, August 10th.

In related news, major shareholder Oaktree Capital Group Holdings purchased 1,220,000 shares of the company’s stock in a transaction on Wednesday, November 21st. The stock was acquired at an average cost of $4.57 per share, for a total transaction of $5,575,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Goldentree Asset Management Lp purchased 90,030 shares of the company’s stock in a transaction on Monday, November 19th. The shares were bought at an average price of $4.53 per share, with a total value of $407,835.90. The disclosure for this purchase can be found here. Insiders have acquired 2,116,994 shares of company stock worth $9,680,397 over the last ninety days. 3.70% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in EGLE. Royal Bank of Canada increased its position in shares of Eagle Bulk Shipping by 57,096.6% during the first quarter. Royal Bank of Canada now owns 33,174 shares of the shipping company’s stock valued at $164,000 after acquiring an additional 33,116 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Eagle Bulk Shipping by 408.3% during the second quarter. Acadian Asset Management LLC now owns 310,329 shares of the shipping company’s stock valued at $1,688,000 after acquiring an additional 249,276 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Eagle Bulk Shipping during the second quarter valued at about $1,174,000. Rhumbline Advisers increased its position in shares of Eagle Bulk Shipping by 30.9% during the second quarter. Rhumbline Advisers now owns 48,099 shares of the shipping company’s stock valued at $262,000 after acquiring an additional 11,344 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Eagle Bulk Shipping by 22.2% during the second quarter. Bank of New York Mellon Corp now owns 121,017 shares of the shipping company’s stock valued at $658,000 after acquiring an additional 21,947 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Shares of NASDAQ:EGLE traded up $0.03 during midday trading on Monday, hitting $4.77. The company’s stock had a trading volume of 328,285 shares, compared to its average volume of 424,999. The company has a current ratio of 2.16, a quick ratio of 1.91 and a debt-to-equity ratio of 0.63. The company has a market cap of $346.20 million, a P/E ratio of 67.71 and a beta of 1.83. Eagle Bulk Shipping has a 12-month low of $4.22 and a 12-month high of $6.14.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Tuesday, November 6th. The shipping company reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The firm had revenue of $53.97 million for the quarter, compared to the consensus estimate of $57.49 million. Eagle Bulk Shipping had a negative net margin of 3.52% and a positive return on equity of 0.96%. On average, analysts expect that Eagle Bulk Shipping will post 0.2 earnings per share for the current year.

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.

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Analyst Recommendations for Eagle Bulk Shipping (NASDAQ:EGLE)

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