Eagle Bulk Shipping (NASDAQ:EGLE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

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. “

Several other research analysts have also recently commented on the stock. Noble Financial initiated coverage on shares of Eagle Bulk Shipping in a report on Friday, January 12th. They set a “buy” rating and a $6.00 target price for the company. Deutsche Bank assumed coverage on shares of Eagle Bulk Shipping in a report on Thursday, January 25th. They set a “buy” rating and a $7.00 target price for the company. Maxim Group reiterated a “hold” rating and issued a $4.50 price target on shares of Eagle Bulk Shipping in a research note on Thursday, November 2nd. ValuEngine cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Finally, BidaskClub upgraded shares of Eagle Bulk Shipping from a “strong sell” rating to a “sell” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Eagle Bulk Shipping presently has a consensus rating of “Hold” and a consensus target price of $6.00.

Shares of Eagle Bulk Shipping (EGLE) traded down $0.10 on Tuesday, reaching $4.61. 245,728 shares of the company traded hands, compared to its average volume of 506,921. Eagle Bulk Shipping has a fifty-two week low of $4.18 and a fifty-two week high of $5.92. 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 hedge funds have recently made changes to their positions in EGLE. Nationwide Fund Advisors lifted its stake in Eagle Bulk Shipping by 1,097.4% in the second quarter. Nationwide Fund Advisors now owns 23,338 shares of the shipping company’s stock valued at $110,000 after acquiring an additional 21,389 shares during the last quarter. Citadel Advisors LLC acquired a new stake in Eagle Bulk Shipping in the fourth quarter valued at $123,000. The Manufacturers Life Insurance Company lifted its stake in Eagle Bulk Shipping by 5,708.4% in the second quarter. The Manufacturers Life Insurance Company now owns 34,386 shares of the shipping company’s stock valued at $162,000 after acquiring an additional 33,794 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Eagle Bulk Shipping in the fourth quarter valued at $171,000. Finally, Virtu KCG Holdings LLC acquired a new stake in Eagle Bulk Shipping in the second quarter valued at $174,000. Hedge funds and other institutional investors own 26.26% of the company’s stock.

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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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