Analysts Set Eagle Bulk Shipping Inc. (NASDAQ:EGLE) PT at $26.94

Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have earned an average recommendation of “Hold” from the eight research firms that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $26.94.

EGLE has been the topic of a number of research reports. Zacks Investment Research cut Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. ValuEngine cut Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 16th. DNB Markets upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Wednesday, July 29th. Finally, Noble Financial restated a “buy” rating and issued a $32.50 price target on shares of Eagle Bulk Shipping in a report on Wednesday, September 16th.

In related news, CEO Gary Vogel bought 9,000 shares of the stock in a transaction on Thursday, September 17th. The shares were purchased at an average price of $17.79 per share, for a total transaction of $160,110.00. 4.10% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in EGLE. Goldman Sachs Group Inc. grew its holdings in Eagle Bulk Shipping by 598.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 242,616 shares of the shipping company’s stock valued at $531,000 after buying an additional 207,900 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Eagle Bulk Shipping by 58.8% during the 1st quarter. Royal Bank of Canada now owns 294,184 shares of the shipping company’s stock worth $544,000 after purchasing an additional 108,883 shares during the period. Invesco Ltd. lifted its stake in shares of Eagle Bulk Shipping by 101.5% during the 1st quarter. Invesco Ltd. now owns 186,032 shares of the shipping company’s stock worth $344,000 after purchasing an additional 93,687 shares during the period. State Street Corp lifted its stake in shares of Eagle Bulk Shipping by 7.1% during the 1st quarter. State Street Corp now owns 836,864 shares of the shipping company’s stock worth $1,548,000 after purchasing an additional 55,152 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Eagle Bulk Shipping by 243.4% during the 1st quarter. Parametric Portfolio Associates LLC now owns 77,671 shares of the shipping company’s stock worth $144,000 after purchasing an additional 55,051 shares during the period. Hedge funds and other institutional investors own 80.14% of the company’s stock.

Shares of EGLE stock opened at $16.33 on Thursday. The company has a market cap of $179.68 million, a price-to-earnings ratio of -4.24 and a beta of 1.17. The stock has a 50 day simple moving average of $17.97 and a 200-day simple moving average of $15.35. Eagle Bulk Shipping has a 12-month low of $8.89 and a 12-month high of $34.13. The company has a current ratio of 1.60, a quick ratio of 1.48 and a debt-to-equity ratio of 1.06.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings results on Thursday, August 6th. The shipping company reported ($1.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.54) by ($0.42). The firm had revenue of $33.62 million during the quarter, compared to analyst estimates of $43.94 million. Eagle Bulk Shipping had a negative return on equity of 8.10% and a negative net margin of 14.33%. On average, equities analysts forecast that Eagle Bulk Shipping will post -3.54 earnings per share for the current fiscal year.

About Eagle Bulk Shipping

Eagle Bulk Shipping, Inc is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.

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Analyst Recommendations for Eagle Bulk Shipping (NASDAQ:EGLE)

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