Eagle Bulk Shipping (EGLE) Raised to “Hold” at ValuEngine

ValuEngine upgraded shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

A number of other research analysts have also issued reports on the stock. Maxim Group restated a hold rating and set a $4.50 target price on shares of Eagle Bulk Shipping in a research report on Thursday, November 2nd. Zacks Investment Research lowered shares of Eagle Bulk Shipping from a buy rating to a hold rating in a research report on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $5.67.

Shares of Eagle Bulk Shipping (NASDAQ EGLE) traded down $0.09 during trading hours on Friday, hitting $4.28. 1,449,300 shares of the company’s stock were exchanged, compared to its average volume of 305,375. Eagle Bulk Shipping has a 1 year low of $4.18 and a 1 year high of $7.61. The company has a current ratio of 4.25, a quick ratio of 3.75 and a debt-to-equity ratio of 0.66.

Several large investors have recently made changes to their positions in the business. Nationwide Fund Advisors grew its position in shares of Eagle Bulk Shipping by 1,097.4% during the 2nd quarter. Nationwide Fund Advisors now owns 23,338 shares of the shipping company’s stock worth $110,000 after purchasing an additional 21,389 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Eagle Bulk Shipping by 5,708.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock worth $162,000 after acquiring an additional 33,794 shares in the last quarter. Virtu KCG Holdings LLC acquired a new stake in shares of Eagle Bulk Shipping during the 2nd quarter worth approximately $174,000. Rhumbline Advisers acquired a new stake in shares of Eagle Bulk Shipping during the 2nd quarter worth approximately $206,000. Finally, Schwab Charles Investment Management Inc. acquired a new stake in shares of Eagle Bulk Shipping during the 2nd quarter worth approximately $306,000. Hedge funds and other institutional investors own 26.49% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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