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

A number of other research firms also recently issued reports on EGLE. ValuEngine raised shares of Eagle Bulk Shipping from a strong sell rating to a sell rating in a report on Thursday, August 10th. Maxim Group reissued a hold rating and issued a $4.50 price objective on shares of Eagle Bulk Shipping in a report on Thursday, November 2nd. Finally, BidaskClub downgraded shares of Eagle Bulk Shipping from a sell rating to a strong sell rating in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $5.50.

Shares of Eagle Bulk Shipping (NASDAQ EGLE) opened at $4.40 on Friday. 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 1-year low of $4.22 and a 1-year high of $7.94.

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Several institutional investors and hedge funds have recently bought and sold shares of the stock. Neuberger Berman Group LLC purchased a new position in shares of Eagle Bulk Shipping in the third quarter worth approximately $13,609,000. Mangrove Partners raised its stake in Eagle Bulk Shipping by 1,426.5% during the 3rd quarter. Mangrove Partners now owns 2,377,767 shares of the shipping company’s stock worth $10,771,000 after acquiring an additional 2,222,000 shares during the period. Vanguard Group Inc. raised its stake in Eagle Bulk Shipping by 175.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,575,759 shares of the shipping company’s stock worth $7,453,000 after acquiring an additional 1,003,873 shares during the period. State Street Corp bought a new stake in Eagle Bulk Shipping during the 2nd quarter worth approximately $1,905,000. Finally, Northern Trust Corp bought a new stake in Eagle Bulk Shipping during the 2nd quarter worth approximately $1,558,000. 17.74% of the stock is currently owned by institutional investors.

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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