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

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

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



Eagle Bulk Shipping stock opened at $5.65 on Wednesday. The company’s 50 day moving average is $4.99. The company has a market cap of $413.33 million, a P/E ratio of 37.67 and a beta of 1.29. Eagle Bulk Shipping has a twelve month low of $3.85 and a twelve month high of $6.09. The company has a quick ratio of 1.13, a current ratio of 1.30 and a debt-to-equity ratio of 0.68.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings data on Tuesday, May 7th. The shipping company reported ($0.03) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.10. The company had revenue of $51.48 million during the quarter, compared to the consensus estimate 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 expect that Eagle Bulk Shipping will post 0.09 earnings per share for the current fiscal year.

In other Eagle Bulk Shipping news, CEO Gary Vogel sold 45,520 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $5.30, for a total value of $241,256.00. Following the completion of the transaction, the chief executive officer now directly owns 1,147,032 shares of the company’s stock, valued at approximately $6,079,269.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Oaktree Capital Group Holdings purchased 146,200 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was purchased at an average cost of $4.62 per share, with a total value of $675,444.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 734,100 shares of company stock valued at $3,437,755 and sold 84,890 shares valued at $463,262. 4.10% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA boosted its holdings in Eagle Bulk Shipping by 465.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,943 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 8,185 shares during the period. West Chester Capital Advisors Inc. purchased a new stake in shares of Eagle Bulk Shipping during the 1st quarter valued at $47,000. Mraz Amerine & Associates Inc. purchased a new stake in shares of Eagle Bulk Shipping during the 1st quarter valued at $87,000. Paloma Partners Management Co purchased a new stake in shares of Eagle Bulk Shipping during the 4th quarter valued at $153,000. Finally, Rhumbline Advisers raised its position in shares of Eagle Bulk Shipping by 42.7% during the 4th quarter. Rhumbline Advisers now owns 68,656 shares of the shipping company’s stock valued at $317,000 after buying an additional 20,557 shares in the last quarter. 84.11% of the stock is owned by hedge funds and other institutional investors.

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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