Eagle Bulk Shipping (EGLE) Lifted to “Buy” at Zacks Investment Research
Eagle Bulk Shipping (NASDAQ:EGLE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $5.25 price objective on the shipping company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.60% from the stock’s current price.
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. “
A number of other equities research analysts have also weighed in on EGLE. ValuEngine raised shares of Eagle Bulk Shipping from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. B. Riley started coverage on shares of Eagle Bulk Shipping in a report on Thursday, October 4th. They set a “buy” rating and a $8.50 price objective on the stock. Finally, BidaskClub lowered shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $6.89.
Eagle Bulk Shipping (NASDAQ:EGLE) last announced its quarterly earnings data on Tuesday, November 6th. The shipping company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $53.97 million for the quarter, compared to analyst estimates of $57.49 million. Eagle Bulk Shipping had a negative net margin of 3.52% and a positive return on equity of 0.96%. As a group, research analysts anticipate that Eagle Bulk Shipping will post 0.17 EPS for the current fiscal year.
In other Eagle Bulk Shipping news, major shareholder Goldentree Asset Management Lp purchased 90,030 shares of the stock in a transaction on Monday, November 19th. The shares were bought at an average cost of $4.53 per share, with a total value of $407,835.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Oaktree Capital Group Holdings purchased 1,220,000 shares of the stock in a transaction on Wednesday, November 21st. The stock was acquired at an average cost of $4.57 per share, for a total transaction of $5,575,400.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 4,098,604 shares of company stock worth $18,563,554 and sold 71,445 shares worth $341,008. 3.70% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the business. Sippican Capital Advisors boosted its holdings in Eagle Bulk Shipping by 17.1% in the fourth quarter. Sippican Capital Advisors now owns 17,550 shares of the shipping company’s stock valued at $81,000 after purchasing an additional 2,560 shares during the last quarter. Macquarie Group Ltd. purchased a new stake in Eagle Bulk Shipping in the third quarter valued at $109,000. Tower Research Capital LLC TRC raised its position in shares of Eagle Bulk Shipping by 319.0% in the second quarter. Tower Research Capital LLC TRC now owns 26,944 shares of the shipping company’s stock worth $146,000 after acquiring an additional 20,514 shares during the period. Trexquant Investment LP acquired a new position in shares of Eagle Bulk Shipping in the third quarter worth about $218,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Eagle Bulk Shipping in the third quarter worth about $226,000. 47.12% of the stock is currently owned by 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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