Noble Financial Reiterates “Buy” Rating for Eagle Bulk Shipping (NASDAQ:EGLE)

Eagle Bulk Shipping (NASDAQ:EGLE)‘s stock had its “buy” rating restated by equities researchers at Noble Financial in a research report issued to clients and investors on Wednesday, AnalystRatings.com reports. They currently have a $6.00 target price on the shipping company’s stock. Noble Financial’s target price indicates a potential upside of 20.00% from the company’s current price.

The analysts wrote, “We view TSCO among the highest coveted retail CEO jobs available, a top notch candidate is likely, and a fresh perspective presents opportunities to keep TSCO ahead of a changing retail paradigm.””

A number of other research firms have also recently commented on EGLE. Jefferies Financial Group started coverage on shares of Eagle Bulk Shipping in a research report on Tuesday, September 3rd. They set a “buy” rating and a $6.00 price objective for the company. TheStreet cut shares of Eagle Bulk Shipping from a “c” rating to a “d+” rating in a research report on Wednesday, August 14th. Zacks Investment Research cut shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. ValuEngine raised shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Finally, BidaskClub cut shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $6.50.

EGLE stock traded up $0.02 during midday trading on Wednesday, reaching $5.00. 13,775 shares of the company were exchanged, compared to its average volume of 400,611. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.03 and a quick ratio of 0.85. The business has a 50-day moving average price of $4.45 and a two-hundred day moving average price of $4.89. Eagle Bulk Shipping has a one year low of $3.85 and a one year high of $5.98. The firm has a market capitalization of $365.80 million, a price-to-earnings ratio of 28.22 and a beta of 1.28.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings data on Monday, July 29th. The shipping company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.01). Eagle Bulk Shipping had a return on equity of 0.27% and a net margin of 1.03%. The company had revenue of $48.48 million for the quarter, compared to the consensus estimate of $49.96 million. As a group, analysts anticipate that Eagle Bulk Shipping will post -0.05 earnings per share for the current fiscal year.

In other news, Director Paul M. Jr. Leand acquired 59,300 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $4.17 per share, with a total value of $247,281.00. Following the completion of the transaction, the director now directly owns 189,658 shares of the company’s stock, valued at approximately $790,873.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gary Vogel sold 32,120 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $5.65, for a total transaction of $181,478.00. Following the sale, the chief executive officer now directly owns 1,105,432 shares of the company’s stock, valued at approximately $6,245,690.80. The disclosure for this sale can be found here. In the last three months, insiders bought 2,569,356 shares of company stock valued at $11,649,516. 4.10% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of EGLE. Dimensional Fund Advisors LP lifted its position in Eagle Bulk Shipping by 27.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,568,549 shares of the shipping company’s stock worth $7,231,000 after purchasing an additional 334,039 shares during the period. BNP Paribas Arbitrage SA lifted its position in Eagle Bulk Shipping by 465.6% during the first quarter. BNP Paribas Arbitrage SA now owns 9,943 shares of the shipping company’s stock worth $46,000 after purchasing an additional 8,185 shares during the period. Victory Capital Management Inc. lifted its position in Eagle Bulk Shipping by 20.6% during the first quarter. Victory Capital Management Inc. now owns 299,150 shares of the shipping company’s stock worth $1,391,000 after purchasing an additional 51,100 shares during the period. Mraz Amerine & Associates Inc. bought a new stake in Eagle Bulk Shipping during the first quarter worth about $87,000. Finally, Royce & Associates LP lifted its position in Eagle Bulk Shipping by 14.3% during the first quarter. Royce & Associates LP now owns 2,031,307 shares of the shipping company’s stock worth $9,446,000 after purchasing an additional 253,833 shares during the period. 85.33% of the stock is owned by institutional investors and hedge funds.

Eagle Bulk Shipping Company Profile

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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Analyst Recommendations for Eagle Bulk Shipping (NASDAQ:EGLE)

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