Eagle Bulk Shipping Inc (EGLE) Receives “Hold” Rating from Maxim Group
Eagle Bulk Shipping Inc (NASDAQ:EGLE)‘s stock had its “hold” rating reaffirmed by equities research analysts at Maxim Group in a report issued on Thursday. They presently have a $4.50 price target on the shipping company’s stock. Maxim Group’s price objective points to a potential downside of 4.26% from the stock’s current price.
The analysts wrote, “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.””
EGLE has been the subject of a number of other reports. BidaskClub cut Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Zacks Investment Research lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Finally, ValuEngine raised Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a report on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $5.50.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System purchased a new stake in shares of Eagle Bulk Shipping during the 2nd quarter worth approximately $322,000. The Manufacturers Life Insurance Company boosted its stake in shares of 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 acquiring an additional 33,794 shares in the last quarter. State Street Corp purchased a new stake in shares of Eagle Bulk Shipping during the 2nd quarter worth approximately $1,905,000. Dimensional Fund Advisors LP boosted its stake in shares of Eagle Bulk Shipping by 164.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 111,754 shares of the shipping company’s stock worth $529,000 after acquiring an additional 69,536 shares in the last quarter. Finally, Virtu KCG Holdings LLC purchased a new stake in shares of Eagle Bulk Shipping during the 2nd quarter worth approximately $174,000. Institutional investors own 17.62% 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.
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