Eagle Bulk Shipping (NASDAQ:EGLE) Upgraded to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. The brokerage currently has $6.50 price objective 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. “

A number of other analysts have also recently commented on the stock. BidaskClub raised shares of Zebra Technologies from a hold rating to a buy rating in a research report on Saturday, July 6th. ValuEngine raised shares of Zuora from a hold rating to a buy rating in a research report on Saturday, July 6th. Finally, Maxim Group set a $7.00 price target on shares of Eagle Bulk Shipping and gave the company a buy rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Eagle Bulk Shipping currently has a consensus rating of Buy and an average price target of $6.68.

Shares of EGLE opened at $5.65 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.30 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $413.33 million, a PE ratio of 37.67 and a beta of 1.29. The firm’s fifty day moving average price is $4.99. Eagle Bulk Shipping has a 12 month low of $3.85 and a 12 month high of $6.09.

Eagle Bulk Shipping (NASDAQ:EGLE) last issued its quarterly earnings results on Tuesday, May 7th. The shipping company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.10. The business had revenue of $51.48 million for the quarter, compared to analysts’ expectations of $47.72 million. Eagle Bulk Shipping had a net margin of 4.07% and a return on equity of 2.25%. As a group, research analysts forecast that Eagle Bulk Shipping will post 0.09 EPS for the current fiscal year.

In other news, CEO Gary Vogel sold 32,120 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $5.65, for a total transaction of $181,478.00. Following the transaction, the chief executive officer now owns 1,105,432 shares of the company’s stock, valued at approximately $6,245,690.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Oaktree Capital Group Holdings acquired 146,200 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were bought at an average cost of $4.62 per share, for a total transaction of $675,444.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 734,100 shares of company stock worth $3,437,755 and have sold 84,890 shares worth $463,262. 4.10% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Oaktree Capital Management LP raised its holdings in shares of Eagle Bulk Shipping by 0.6% in the 1st quarter. Oaktree Capital Management LP now owns 26,267,467 shares of the shipping company’s stock worth $122,143,000 after acquiring an additional 157,931 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Eagle Bulk Shipping by 4.0% in the 4th quarter. BlackRock Inc. now owns 2,438,317 shares of the shipping company’s stock worth $11,240,000 after acquiring an additional 93,472 shares during the last quarter. Royce & Associates LP raised its holdings in shares of Eagle Bulk Shipping by 14.3% in the 1st quarter. Royce & Associates LP now owns 2,031,307 shares of the shipping company’s stock worth $9,446,000 after acquiring an additional 253,833 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Eagle Bulk Shipping by 27.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock worth $7,231,000 after acquiring an additional 334,039 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Eagle Bulk Shipping by 14.6% in the 4th quarter. Geode Capital Management LLC now owns 752,393 shares of the shipping company’s stock worth $3,468,000 after acquiring an additional 95,850 shares during the last quarter. 84.11% of the stock is currently owned by institutional investors.

About Eagle Bulk Shipping

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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