Eagle Bulk Shipping Inc. (NASDAQ:EGLE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm currently has a $5.00 price target on the shipping company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 8.93% from the company’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. “

Separately, BidaskClub cut Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th.

Shares of Eagle Bulk Shipping (NASDAQ EGLE) traded up 4.56% during midday trading on Monday, hitting $4.59. 328,146 shares of the stock were exchanged. The firm has a 50 day moving average of $4.53 and a 200-day moving average of $5.18. Eagle Bulk Shipping has a one year low of $4.06 and a one year high of $12.45.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings results on Monday, May 8th. The shipping company reported ($0.17) EPS for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $31.30 million. On average, analysts anticipate that Eagle Bulk Shipping will post ($0.59) earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This story was reported by American Banking News and is the property of of American Banking News. If you are viewing this story on another website, it was stolen and reposted in violation of international trademark & copyright laws. The legal version of this story can be accessed at https://www.americanbankingnews.com/2017/08/07/eagle-bulk-shipping-inc-nasdaqegle-upgraded-to-buy-at-zacks-investment-research.html.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGLE. Q Global Advisors LLC acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $8,180,000. Airain ltd acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $828,000. Goldman Sachs Group Inc. acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $821,000. Horseman Capital Management Ltd acquired a new position in Eagle Bulk Shipping during the first quarter valued at about $690,000. Finally, Bank of New York Mellon Corp acquired a new position in Eagle Bulk Shipping during the second quarter valued at about $496,000. Hedge funds and other institutional investors own 13.96% 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.

Get a free copy of the Zacks research report on Eagle Bulk Shipping (EGLE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Eagle Bulk Shipping Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eagle Bulk Shipping Inc. and related companies with MarketBeat.com's FREE daily email newsletter.