Eagle Bulk Shipping Inc. (NASDAQ:EGLE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, August 7th. The firm presently has a $5.00 price target on the shipping company’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.12% from the stock’s previous close.
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. “
Separately, BidaskClub downgraded shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th.
Shares of Eagle Bulk Shipping (EGLE) traded down 0.67% during midday trading on Monday, hitting $4.42. 244,231 shares of the stock were exchanged. The stock has a 50 day moving average price of $4.46 and a 200-day moving average price of $5.02. Eagle Bulk Shipping has a 12 month low of $4.06 and a 12 month high of $12.45.
A number of institutional investors have recently made changes to their positions in the company. Q Global Advisors LLC acquired a new position in shares of Eagle Bulk Shipping during the first quarter worth about $8,180,000. Vanguard Group Inc. boosted its position in shares of Eagle Bulk Shipping by 175.5% in the second quarter. Vanguard Group Inc. now owns 1,575,759 shares of the shipping company’s stock worth $7,453,000 after buying an additional 1,003,873 shares during the last quarter. Raynor Geoffrey boosted its position in shares of Eagle Bulk Shipping by 3.2% in the first quarter. Raynor Geoffrey now owns 763,198 shares of the shipping company’s stock worth $3,912,000 after buying an additional 23,468 shares during the last quarter. State Street Corp acquired a new position in shares of Eagle Bulk Shipping during the second quarter worth about $1,905,000. Finally, Northern Trust Corp acquired a new position in shares of Eagle Bulk Shipping during the second quarter worth about $1,558,000. Institutional investors own 14.13% of the company’s stock.
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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