Home / Shipping News / International Shipping News / Eagle Bulk Shipping’s (NASDAQ:EGLE) Hold Rating Reaffirmed at Maxim Group

Eagle Bulk Shipping’s (NASDAQ:EGLE) Hold Rating Reaffirmed at Maxim Group

Maxim Group reissued their hold rating on shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) in a research report released on Thursday, November 2nd. Maxim Group currently has a $4.50 target price on the shipping company’s stock.

“Eagle Bulk Shipping (EGLE) reported 3Q17 results this evening, after the close. The company reported revenue of $62.7 million, net loss of ($10.3 million), loss per share of ($0.15), and EBITDA of $7.3 million. The company reported a fleet-wide net time charter-equivalent (TCE) rate of $8,660 per vessel/day during 3Q17 vs. $5,669 per vessel/day during 3Q16.”,” Maxim Group’s analyst commented.

Several other research analysts have also commented on the stock. Zacks Investment Research lowered shares of Eagle Bulk Shipping from a buy rating to a hold rating in a research note on Wednesday, September 13th. ValuEngine raised shares of Eagle Bulk Shipping from a strong sell rating to a sell rating in a research note on Thursday, August 10th. Finally, BidaskClub lowered shares of Eagle Bulk Shipping from a sell rating to a strong sell rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Eagle Bulk Shipping currently has a consensus rating of Hold and a consensus price target of $5.67.

Shares of Eagle Bulk Shipping (EGLE) opened at $4.40 on Thursday. Eagle Bulk Shipping has a 1 year low of $4.22 and a 1 year high of $7.61. The company has a quick ratio of 3.75, a current ratio of 4.25 and a debt-to-equity ratio of 0.66.

A number of institutional investors have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC purchased a new stake in Eagle Bulk Shipping in the 3rd quarter worth approximately $13,609,000. Mangrove Partners lifted its position in shares of 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 valued at $10,771,000 after buying an additional 2,222,000 shares in the last quarter. Royce & Associates LP purchased a new position in shares of Eagle Bulk Shipping during the 3rd quarter valued at approximately $1,092,000. California State Teachers Retirement System purchased a new position in shares of Eagle Bulk Shipping during the 2nd quarter valued at approximately $322,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Eagle Bulk Shipping by 5,708.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock valued at $162,000 after buying an additional 33,794 shares in the last quarter. Institutional investors and hedge funds own 17.74% of the company’s stock.
Source: MarketBeat

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