Zacks: Analysts Set $6.33 Price Target for Eagle Bulk Shipping Inc (EGLE)

Shares of Eagle Bulk Shipping Inc (NASDAQ:EGLE) have received a consensus broker rating score of 1.67 (Buy) from the three analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company.

Brokers have set a 12-month consensus price objective of $6.33 for the company and are forecasting that the company will post $0.03 EPS for the current quarter, according to Zacks. Zacks has also given Eagle Bulk Shipping an industry rank of 232 out of 265 based on the ratings given to its competitors.

A number of equities analysts have recently commented on the company. Maxim Group reissued a “hold” rating and set a $4.50 price objective on shares of Eagle Bulk Shipping in a research report on Thursday, November 2nd. Zacks Investment Research raised Eagle Bulk Shipping from a “hold” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Thursday, November 9th. Finally, ValuEngine downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th.

Eagle Bulk Shipping (EGLE) opened at $4.46 on Wednesday. The company has a quick ratio of 3.75, a current ratio of 4.25 and a debt-to-equity ratio of 0.66. Eagle Bulk Shipping has a 52-week low of $4.18 and a 52-week high of $7.61.

Hedge funds have recently bought and sold shares of the stock. Nationwide Fund Advisors lifted its stake in Eagle Bulk Shipping by 1,097.4% during the second 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 during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Eagle Bulk Shipping by 5,708.4% during the second quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock worth $162,000 after purchasing an additional 33,794 shares during the last quarter. Virtu KCG Holdings LLC purchased a new stake in Eagle Bulk Shipping during the second quarter worth approximately $174,000. Rhumbline Advisers purchased a new stake in Eagle Bulk Shipping during the second quarter worth approximately $206,000. Finally, Schwab Charles Investment Management Inc. purchased a new stake in Eagle Bulk Shipping during the second quarter worth approximately $306,000. Hedge funds and other institutional investors own 26.29% of the company’s stock.

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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.

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