Eagle Bulk Shipping (NASDAQ:EGLE – Get Rating) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
Other equities analysts have also issued research reports about the stock. Alliance Global Partners assumed coverage on shares of Eagle Bulk Shipping in a report on Wednesday, August 3rd. They issued a “buy” rating and a $85.00 price target for the company. HC Wainwright increased their target price on shares of Eagle Bulk Shipping from $80.00 to $90.00 in a research report on Monday, May 9th. Clarkson Capital reiterated a “buy” rating on shares of Eagle Bulk Shipping in a research report on Tuesday, June 14th. Finally, Jefferies Financial Group started coverage on shares of Eagle Bulk Shipping in a research note on Wednesday, July 20th. They issued a “buy” rating and a $64.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Eagle Bulk Shipping has an average rating of “Moderate Buy” and an average target price of $74.00.
Eagle Bulk Shipping Stock Performance
EGLE stock opened at $55.08 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.79 and a quick ratio of 1.16. The company has a 50 day moving average price of $53.62 and a 200 day moving average price of $58.27. Eagle Bulk Shipping has a fifty-two week low of $36.21 and a fifty-two week high of $78.75. The stock has a market capitalization of $754.21 million, a PE ratio of 2.85 and a beta of 1.35.
Insider Activity at Eagle Bulk Shipping
In other news, CFO Costanzo Frank De sold 3,022 shares of the firm’s stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $78.06, for a total transaction of $235,897.32. Following the sale, the chief financial officer now owns 52,323 shares of the company’s stock, valued at approximately $4,084,333.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.20% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Eagle Bulk Shipping
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its holdings in Eagle Bulk Shipping by 75.5% during the 2nd quarter. Rhumbline Advisers now owns 19,306 shares of the shipping company’s stock valued at $1,002,000 after buying an additional 8,307 shares in the last quarter. Cetera Advisors LLC bought a new stake in shares of Eagle Bulk Shipping during the second quarter worth $683,000. UBS Group AG lifted its position in shares of Eagle Bulk Shipping by 20.4% during the second quarter. UBS Group AG now owns 42,569 shares of the shipping company’s stock worth $2,208,000 after purchasing an additional 7,204 shares during the last quarter. Martingale Asset Management L P lifted its position in shares of Eagle Bulk Shipping by 7.9% during the second quarter. Martingale Asset Management L P now owns 8,316 shares of the shipping company’s stock worth $432,000 after purchasing an additional 610 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Eagle Bulk Shipping by 211.8% in the second quarter. JPMorgan Chase & Co. now owns 22,403 shares of the shipping company’s stock valued at $1,162,000 after acquiring an additional 15,218 shares in the last quarter. Institutional investors own 72.13% of the company’s stock.
About Eagle Bulk Shipping
Eagle Bulk Shipping Inc engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including iron ore, coal, grains, fertilizers, steel products, petcoke, cement, and forest products. It serves miners, producers, traders, and end users.
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