Zacks: Eagle Bulk Shipping Inc (EGLE) Given $6.33 Average Target Price by Brokerages

Shares of Eagle Bulk Shipping Inc (NASDAQ:EGLE) have been assigned an average broker rating score of 1.67 (Buy) from the three analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and two have issued a strong buy rating on the company.

Analysts have set a 12-month consensus price objective of $6.33 for the company and are anticipating 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 230 out of 265 based on the ratings given to related companies.

Several research firms recently issued reports on EGLE. ValuEngine downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Zacks Investment Research downgraded Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Friday, November 17th. Finally, Maxim Group restated a “hold” rating and issued a $4.50 price target on shares of Eagle Bulk Shipping in a research note on Thursday, November 2nd.

Eagle Bulk Shipping (NASDAQ EGLE) traded down $0.03 on Thursday, reaching $4.78. The company had a trading volume of 231,073 shares, compared to its average volume of 418,284. The company has a market cap of $356.44, a P/E ratio of -1.40 and a beta of 2.35. Eagle Bulk Shipping has a twelve month low of $4.18 and a twelve month high of $7.61. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.25 and a quick ratio of 3.75.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nationwide Fund Advisors raised its holdings in Eagle Bulk Shipping by 1,097.4% in the 2nd quarter. Nationwide Fund Advisors now owns 23,338 shares of the shipping company’s stock valued at $110,000 after acquiring an additional 21,389 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Eagle Bulk Shipping by 5,708.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock valued at $162,000 after acquiring an additional 33,794 shares in the last quarter. Virtu KCG Holdings LLC acquired a new position in Eagle Bulk Shipping in the 2nd quarter valued at $174,000. Rhumbline Advisers acquired a new position in Eagle Bulk Shipping in the 2nd quarter valued at $206,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in Eagle Bulk Shipping in the 2nd quarter valued at $306,000. 26.30% of the stock is owned by hedge funds and other institutional investors.

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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.

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