Eagle Bulk Shipping’s (EGLE) Hold Rating Reiterated at Maxim Group
Maxim Group reissued their hold rating on shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) in a research report released on Thursday. Maxim Group currently has a $4.50 price target on the shipping company’s stock.
“Eagle Bulk Shipping (EGLE) reported 3Q17 results this evening, after the close. The company reported revenue of $62.7 million, net loss of ($10.3 million), loss per share of ($0.15), and EBITDA of $7.3 million. The company reported a fleet-wide net time charter-equivalent (TCE) rate of $8,660 per vessel/day during 3Q17 vs. $5,669 per vessel/day during 3Q16.”,” Maxim Group’s analyst commented.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised Eagle Bulk Shipping from a hold rating to a buy rating and set a $5.00 price objective on the stock in a report on Monday, August 7th. ValuEngine raised Eagle Bulk Shipping from a strong sell rating to a sell rating in a report on Thursday, August 10th. Finally, BidaskClub downgraded Eagle Bulk Shipping from a hold rating to a sell rating in a report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Eagle Bulk Shipping presently has a consensus rating of Hold and an average target price of $5.50.
Eagle Bulk Shipping (EGLE) traded up $0.19 during midday trading on Thursday, hitting $4.62. The company had a trading volume of 821,715 shares, compared to its average volume of 240,496. The company has a debt-to-equity ratio of 0.61, a quick ratio of 4.44 and a current ratio of 5.00. Eagle Bulk Shipping has a 12 month low of $4.10 and a 12 month high of $11.16.
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Institutional investors and hedge funds have recently made changes to their positions in the business. Nationwide Fund Advisors lifted its holdings in Eagle Bulk Shipping by 1,097.4% during the 2nd quarter. Nationwide Fund Advisors now owns 23,338 shares of the shipping company’s stock worth $110,000 after buying an additional 21,389 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Eagle Bulk Shipping by 5,708.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock worth $162,000 after buying an additional 33,794 shares during the period. Virtu KCG Holdings LLC acquired a new position in Eagle Bulk Shipping during the 2nd quarter worth about $174,000. Rhumbline Advisers acquired a new position in Eagle Bulk Shipping during the 2nd quarter worth about $206,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in Eagle Bulk Shipping during the 2nd quarter worth about $306,000. 17.62% of the stock is currently owned by hedge funds and other institutional investors.
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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