Zacks Investment Research downgraded shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) from a buy rating to a hold rating in a report issued 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. “

Separately, BidaskClub cut Eagle Bulk Shipping from a hold rating to a sell rating in a research note on Tuesday, July 11th.

Eagle Bulk Shipping (EGLE) traded down 3.25% during midday trading on Tuesday, reaching $4.47. The company had a trading volume of 346,325 shares. Eagle Bulk Shipping has a 12 month low of $4.06 and a 12 month high of $12.45. The firm has a 50-day moving average of $4.72 and a 200-day moving average of $5.41.

Eagle Bulk Shipping (NASDAQ:EGLE) last announced its quarterly earnings results on Monday, May 8th. The shipping company reported ($0.17) EPS for the quarter, beating the Zacks’ 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 company had revenue of $45.86 million during the quarter, compared to analysts’ expectations of $31.30 million. Equities analysts expect that Eagle Bulk Shipping will post ($0.59) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Q Global Advisors LLC purchased a new position in shares of Eagle Bulk Shipping during the first quarter worth approximately $8,180,000. Airain ltd purchased a new position in shares of Eagle Bulk Shipping during the first quarter worth approximately $828,000. Goldman Sachs Group Inc. purchased a new position in shares of Eagle Bulk Shipping during the first quarter worth approximately $821,000. Horseman Capital Management Ltd purchased a new position in shares of Eagle Bulk Shipping during the first quarter worth approximately $690,000. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV purchased a new position in shares of Eagle Bulk Shipping during the first quarter worth approximately $569,000. 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.

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