Eagle Bulk Shipping (EGLE) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Eagle Bulk Shipping (NASDAQ:EGLE) from a hold rating to a sell rating in a research report sent to investors on Tuesday 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. “

Other research analysts have also recently issued reports about the stock. ValuEngine raised shares of Eagle Bulk Shipping from a sell rating to a hold rating in a report on Friday, December 1st. Maxim Group reissued a hold rating and set a $4.50 price objective on shares of Eagle Bulk Shipping in a report on Thursday, November 2nd. BidaskClub raised shares of Eagle Bulk Shipping from a strong sell rating to a sell rating in a report on Friday, February 9th. Deutsche Bank assumed coverage on shares of Eagle Bulk Shipping in a report on Thursday, January 25th. They set a buy rating and a $7.00 price objective for the company. Finally, Noble Financial assumed coverage on shares of Eagle Bulk Shipping in a report on Friday, January 12th. They set a buy rating and a $6.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $6.00.

Shares of Eagle Bulk Shipping (NASDAQ:EGLE) traded up $0.11 during trading on Tuesday, reaching $4.75. 643,800 shares of the company’s stock traded hands, compared to its average volume of 492,065. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.25 and a quick ratio of 3.75. The stock has a market capitalization of $343.84, a PE ratio of -1.43 and a beta of 3.07. Eagle Bulk Shipping has a twelve month low of $4.18 and a twelve month high of $5.92.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. bought a new stake in Eagle Bulk Shipping during the second quarter valued at approximately $306,000. Bank of New York Mellon Corp bought a new stake in Eagle Bulk Shipping during the second quarter valued at approximately $496,000. Teachers Advisors LLC bought a new stake in Eagle Bulk Shipping during the second quarter valued at approximately $350,000. TIAA CREF Investment Management LLC bought a new stake in Eagle Bulk Shipping during the second quarter valued at approximately $597,000. Finally, Nationwide Fund Advisors grew its position in Eagle Bulk Shipping by 1,097.4% during the second quarter. Nationwide Fund Advisors now owns 23,338 shares of the shipping company’s stock valued at $110,000 after buying an additional 21,389 shares during the period. 26.26% of the stock is owned by hedge funds and other institutional investors.

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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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