Brokerages Set $6.17 Price Target for Eagle Bulk Shipping Inc. (EGLE)
Shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) have received an average broker rating score of 1.67 (Buy) from the three analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. Eagle Bulk Shipping’s rating score has declined by 67% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a 12-month consensus price objective of $6.17 for the company and are expecting that the company will post ($0.09) EPS for the current quarter, according to Zacks. Zacks has also given Eagle Bulk Shipping an industry rank of 198 out of 265 based on the ratings given to its competitors.
Several equities research analysts have recently weighed in on EGLE shares. Zacks Investment Research lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Maxim Group set a $5.00 price objective on Eagle Bulk Shipping and gave the company a “hold” rating in a research report on Wednesday, August 30th. BidaskClub cut Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, ValuEngine raised Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 10th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGLE. California State Teachers Retirement System acquired a new position in shares of Eagle Bulk Shipping in the 2nd quarter worth approximately $322,000. The Manufacturers Life Insurance Company raised its position in Eagle Bulk Shipping by 5,708.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock worth $162,000 after purchasing an additional 33,794 shares during the last quarter. State Street Corp bought a new position in Eagle Bulk Shipping in the 2nd quarter worth approximately $1,905,000. Dimensional Fund Advisors LP raised its position in Eagle Bulk Shipping by 164.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 111,754 shares of the shipping company’s stock worth $529,000 after purchasing an additional 69,536 shares during the last quarter. Finally, Virtu KCG Holdings LLC bought a new position in Eagle Bulk Shipping in the 2nd quarter worth approximately $174,000. 17.77% of the stock is currently owned by institutional investors.
Eagle Bulk Shipping (EGLE) traded down 0.22% during mid-day trading on Friday, reaching $4.52. The company’s stock had a trading volume of 136,042 shares. Eagle Bulk Shipping has a 52 week low of $4.06 and a 52 week high of $11.16. The firm’s 50 day moving average price is $4.45 and its 200 day moving average price is $4.91.
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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