Zacks Investment Research downgraded shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) from a buy rating to a hold rating in a report released on Friday morning.
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. “
Separately, Seaport Global Securities reiterated a buy rating and issued a $7.00 price target on shares of Eagle Bulk Shipping in a report on Thursday, March 9th.
Shares of Eagle Bulk Shipping (NASDAQ:EGLE) opened at 4.35 on Friday. Eagle Bulk Shipping has a 12-month low of $4.06 and a 12-month high of $12.45. The stock has a 50 day moving average price of $4.73 and a 200 day moving average price of $5.48.
Eagle Bulk Shipping (NASDAQ:EGLE) last issued its quarterly earnings results on Monday, May 8th. The shipping company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.05. Eagle Bulk Shipping had a negative return on equity of 15.35% and a negative net margin of 131.02%. The business had revenue of $45.86 million during the quarter, compared to the consensus estimate of $31.30 million. On average, equities research analysts anticipate that Eagle Bulk Shipping will post ($0.65) EPS for the current fiscal year.
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Several large investors have recently modified their holdings of EGLE. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV purchased a new stake in shares of Eagle Bulk Shipping during the first quarter worth $569,000. Horseman Capital Management Ltd purchased a new stake in shares of Eagle Bulk Shipping during the first quarter worth $690,000. Airain ltd purchased a new stake in shares of Eagle Bulk Shipping during the first quarter worth $828,000. Laurion Capital Management LP purchased a new stake in shares of Eagle Bulk Shipping during the first quarter worth $494,000. Finally, Segantii Capital Management Ltd increased its stake in shares of Eagle Bulk Shipping by 985.2% in the first quarter. Segantii Capital Management Ltd now owns 43,407 shares of the shipping company’s stock worth $247,000 after buying an additional 39,407 shares during the period. Institutional investors and hedge funds own 13.88% of the company’s stock.
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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