Home / Shipping News / Hellenic Shipping News / Zacks Investment Research Downgrades Eagle Bulk Shipping (EGLE) to Sell

Zacks Investment Research Downgrades Eagle Bulk Shipping (EGLE) to Sell

Eagle Bulk Shipping (NASDAQ:EGLE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors.

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 brokerages have also weighed in on EGLE. Noble Financial set a $6.00 target price on shares of Eagle Bulk Shipping and gave the stock a “buy” rating in a research report on Thursday, August 9th. ValuEngine lowered shares of Eagle Bulk Shipping from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 19th. BidaskClub lowered shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Friday, July 13th. Finally, B. Riley initiated coverage on shares of Eagle Bulk Shipping in a research report on Thursday, October 4th. They set a “buy” rating and a $8.50 target price for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $6.86.

The company has a market cap of $363.00 million, a PE ratio of -12.12 and a beta of 1.73. The company has a current ratio of 2.76, a quick ratio of 2.48 and a debt-to-equity ratio of 0.64. Eagle Bulk Shipping has a one year low of $4.18 and a one year high of $6.14.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Tuesday, November 6th. The shipping company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The company had revenue of $53.97 million during the quarter, compared to analyst estimates of $57.49 million. Eagle Bulk Shipping had a negative net margin of 3.52% and a positive return on equity of 0.96%. As a group, equities analysts anticipate that Eagle Bulk Shipping will post 0.21 EPS for the current fiscal year.

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of Eagle Bulk Shipping by 22.2% in the second quarter. Bank of New York Mellon Corp now owns 121,017 shares of the shipping company’s stock worth $658,000 after buying an additional 21,947 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Eagle Bulk Shipping by 92.3% in the second quarter. Oppenheimer & Co. Inc. now owns 97,775 shares of the shipping company’s stock worth $532,000 after buying an additional 46,925 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Eagle Bulk Shipping in the second quarter worth about $1,174,000. Acadian Asset Management LLC lifted its holdings in shares of Eagle Bulk Shipping by 408.3% in the second quarter. Acadian Asset Management LLC now owns 310,329 shares of the shipping company’s stock worth $1,688,000 after buying an additional 249,276 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Eagle Bulk Shipping by 278.0% in the first quarter. Wells Fargo & Company MN now owns 22,573 shares of the shipping company’s stock worth $112,000 after buying an additional 16,601 shares in the last quarter. Hedge funds and other institutional investors own 46.69% of the company’s stock.
Source: MarketBeat

Leave a Reply

Your email address will not be published. Required fields are marked *

*

captcha

Please enter the CAPTCHA text

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping