Eagle Bulk Shipping (EGLE) Downgraded by Zacks Investment Research

Eagle Bulk Shipping (NASDAQ:EGLE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

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. “

A number of other research firms have also commented on EGLE. Deutsche Bank began coverage on Eagle Bulk Shipping in a research note on Thursday, January 25th. They set a “buy” rating and a $7.00 price objective on the stock. Noble Financial began coverage on Eagle Bulk Shipping in a research note on Friday, January 12th. They set a “buy” rating and a $6.00 price objective on the stock. Maxim Group reaffirmed a “hold” rating and set a $4.50 price objective on shares of Eagle Bulk Shipping in a research note on Thursday, November 2nd. BidaskClub raised Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research note on Friday. Finally, ValuEngine lowered Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Eagle Bulk Shipping currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Eagle Bulk Shipping (NASDAQ:EGLE) traded down $0.10 on Tuesday, hitting $4.61. The company had a trading volume of 245,728 shares, compared to its average volume of 506,921. The company has a current ratio of 4.25, a quick ratio of 3.75 and a debt-to-equity ratio of 0.66. Eagle Bulk Shipping has a fifty-two week low of $4.18 and a fifty-two week high of $5.92.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position in Eagle Bulk Shipping by 664.7% during the fourth quarter. Renaissance Technologies LLC now owns 242,400 shares of the shipping company’s stock worth $1,086,000 after buying an additional 210,700 shares during the period. Citadel Advisors LLC purchased a new position in Eagle Bulk Shipping during the fourth quarter worth about $123,000. Royce & Associates LP lifted its position in Eagle Bulk Shipping by 94.9% during the fourth quarter. Royce & Associates LP now owns 469,804 shares of the shipping company’s stock worth $2,105,000 after buying an additional 228,804 shares during the period. SG Americas Securities LLC purchased a new position in Eagle Bulk Shipping during the fourth quarter worth about $171,000. Finally, Neuberger Berman Group LLC purchased a new position in Eagle Bulk Shipping during the third quarter worth about $13,609,000. Hedge funds and other institutional investors own 26.26% of the company’s stock.

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Eagle Bulk Shipping Company Profile

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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