Maxim Group Reiterates “$5.00” Price Target for Eagle Bulk Shipping Inc. (EGLE)
Eagle Bulk Shipping Inc. (NASDAQ:EGLE) received a $5.00 price objective from investment analysts at Maxim Group in a research report issued on Wednesday. The brokerage presently has a “hold” rating on the shipping company’s stock. Maxim Group’s price objective would suggest a potential upside of 8.23% from the company’s current price.
The analysts wrote, “We are raising 2H17 estimates for EGLE based on what we predict could be a stronger rate environment for the handymax segment.””
EGLE has been the subject of a number of other research reports. Zacks Investment Research raised Eagle Bulk Shipping from a “hold” rating to a “buy” rating and set a $5.25 target price for the company in a report on Wednesday, May 24th. BidaskClub lowered Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. 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, one has assigned a hold rating and two have assigned a buy rating to the stock. Eagle Bulk Shipping has an average rating of “Hold” and an average target price of $5.67.
Shares of Eagle Bulk Shipping (NASDAQ:EGLE) opened at 4.62 on Wednesday. Eagle Bulk Shipping has a 12-month low of $4.06 and a 12-month high of $12.45. The stock has a 50 day moving average price of $4.44 and a 200 day moving average price of $4.96.
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Several hedge funds have recently modified their holdings of EGLE. Q Global Advisors LLC purchased a new stake in shares of Eagle Bulk Shipping during the first quarter valued at approximately $8,180,000. Vanguard Group Inc. raised its stake in shares of Eagle Bulk Shipping by 175.5% in the second quarter. Vanguard Group Inc. now owns 1,575,759 shares of the shipping company’s stock valued at $7,453,000 after buying an additional 1,003,873 shares during the last quarter. State Street Corp purchased a new stake in shares of Eagle Bulk Shipping during the second quarter valued at approximately $1,905,000. Northern Trust Corp purchased a new stake in shares of Eagle Bulk Shipping during the second quarter valued at approximately $1,558,000. Finally, Airain ltd purchased a new stake in shares of Eagle Bulk Shipping during the first quarter valued at approximately $828,000. 17.77% of the stock is owned by institutional investors.
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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