BidaskClub Downgrades Eagle Bulk Shipping (EGLE) to Hold

BidaskClub lowered shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a buy rating to a hold rating in a research note issued to investors on Thursday.

EGLE has been the subject of a number of other research reports. DNB Markets initiated coverage on shares of Eagle Bulk Shipping in a report on Monday, June 18th. They issued a buy rating for the company. Zacks Investment Research raised shares of Eagle Bulk Shipping from a sell rating to a hold rating in a report on Tuesday, May 15th. ValuEngine raised shares of Eagle Bulk Shipping from a sell rating to a hold rating in a report on Monday, April 2nd. Morgan Stanley initiated coverage on shares of Eagle Bulk Shipping in a report on Monday, June 18th. They issued an equal weight rating and a $6.50 price target for the company. Finally, Evercore ISI initiated coverage on shares of Eagle Bulk Shipping in a report on Tuesday, May 29th. They issued an outperform rating and a $7.50 price target for the company. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Eagle Bulk Shipping currently has an average rating of Buy and a consensus price target of $6.33.

NASDAQ:EGLE opened at $5.44 on Thursday. Eagle Bulk Shipping has a 52 week low of $4.18 and a 52 week high of $6.14. The company has a quick ratio of 2.47, a current ratio of 2.82 and a debt-to-equity ratio of 0.67.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Wednesday, May 9th. The shipping company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. The business had revenue of $56.86 million during the quarter, compared to analysts’ expectations of $57.24 million. Eagle Bulk Shipping had a negative net margin of 12.09% and a negative return on equity of 3.76%. equities analysts forecast that Eagle Bulk Shipping will post 0.25 EPS for the current fiscal year.

In other news, major shareholder Goldentree Asset Management Lp sold 48,000 shares of the stock in a transaction on Wednesday, April 25th. The shares were sold at an average price of $5.23, for a total value of $251,040.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.70% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in shares of 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 worth $112,000 after acquiring an additional 16,601 shares during the period. Jump Trading LLC acquired a new stake in shares of Eagle Bulk Shipping in the first quarter worth $113,000. Citadel Advisors LLC acquired a new stake in shares of Eagle Bulk Shipping in the fourth quarter worth $123,000. Two Sigma Advisers LP acquired a new stake in shares of Eagle Bulk Shipping in the fourth quarter worth $127,000. Finally, Royal Bank of Canada increased its stake in shares of 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 worth $164,000 after acquiring an additional 33,116 shares during the period. Hedge funds and other institutional investors own 42.35% of the company’s stock.

Eagle Bulk Shipping Company Profile

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.

Analyst Recommendations for Eagle Bulk Shipping (NASDAQ:EGLE)

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