Cleaves Securities Sticks to Its Buy Rating for Eagle Bulk Shipping (EGLE)

Cleaves Securities analyst Joakim Hannisdahl maintained a Buy rating on Eagle Bulk Shipping (EGLEResearch Report) on July 23 and set a price target of $67.00. The company’s shares closed last Tuesday at $41.80.

According to TipRanks.com, Hannisdahl is a 5-star analyst with an average return of 21.1% and a 59.6% success rate. Hannisdahl covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Star Bulk Carriers.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Eagle Bulk Shipping with a $60.80 average price target, which is a 43.6% upside from current levels. In a report issued on July 19, Noble Financial also maintained a Buy rating on the stock with a $65.00 price target.

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Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $96.57 million and net profit of $9.85 million. In comparison, last year the company earned revenue of $74.38 million and had a GAAP net loss of $3.53 million.

Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EGLE in relation to earlier this year.

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Eagle Bulk Shipping, Inc. is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer. The company was founded by Sophocles N. Zoullas on March 23, 2005 and is headquartered in Stamford, CT.