Eagle Bulk Shipping (EGLE) Downgraded to “Hold” at BidaskClub

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Eagle Bulk Shipping (NASDAQ:EGLE) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Thursday.

EGLE has been the subject of a number of other reports. DNB Markets initiated coverage on shares of Eagle Bulk Shipping in a research note on Monday, June 18th. They set a “buy” rating for the company. Zacks Investment Research raised shares of Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research note on Tuesday, May 15th. ValuEngine raised shares of Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research note on Monday, April 2nd. Morgan Stanley initiated coverage on shares of Eagle Bulk Shipping in a research note on Monday, June 18th. They set an “equal weight” rating and a $6.50 price objective for the company. Finally, Evercore ISI initiated coverage on shares of Eagle Bulk Shipping in a research note on Tuesday, May 29th. They set an “outperform” rating and a $7.50 price objective for the company. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Eagle Bulk Shipping presently has a consensus rating of “Buy” and an average price target of $6.33.

Shares of Eagle Bulk Shipping traded down $0.17, hitting $5.54, during trading hours on Thursday, Marketbeat Ratings reports. 371,370 shares of the company’s stock traded hands, compared to its average volume of 417,229. Eagle Bulk Shipping has a 52 week low of $4.18 and a 52 week high of $6.14. The company has a current ratio of 2.82, a quick ratio of 2.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $435.33 million, a price-to-earnings ratio of -13.19 and a beta of 2.22.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings data on Wednesday, May 9th. The shipping company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Eagle Bulk Shipping had a negative net margin of 12.09% and a negative return on equity of 3.76%. The company had revenue of $56.86 million during the quarter, compared to analyst estimates of $57.24 million. research analysts forecast that Eagle Bulk Shipping will post 0.25 earnings per share for the current year.

In other news, major shareholder Goldentree Asset Management Lp sold 48,000 shares of the stock in a transaction that occurred on Wednesday, April 25th. The shares were sold at an average price of $5.23, for a total value of $251,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.70% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Trexquant Investment LP lifted its position in shares of Eagle Bulk Shipping by 31.3% in the first quarter. Trexquant Investment LP now owns 62,143 shares of the shipping company’s stock worth $308,000 after purchasing an additional 14,812 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Eagle Bulk Shipping by 278.0% in the first quarter. Wells Fargo & Company MN now owns 22,573 shares of the shipping company’s stock worth $112,000 after purchasing an additional 16,601 shares in the last quarter. Jump Trading LLC purchased a new stake in shares of Eagle Bulk Shipping in the first quarter worth approximately $113,000. Barclays PLC lifted its position in shares of Eagle Bulk Shipping by 117.3% in the first quarter. Barclays PLC now owns 48,605 shares of the shipping company’s stock worth $240,000 after purchasing an additional 26,238 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of Eagle Bulk Shipping in the fourth quarter worth approximately $123,000. 42.35% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Eagle Bulk Shipping (NASDAQ:EGLE)

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