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

By Austin Angelo

Cleaves Securities analyst Joakim Hannisdahl maintained a Buy rating on Eagle Bulk Shipping (EGLEResearch Report) on October 13 and set a price target of $26.00. The company’s shares closed last Wednesday at $17.17.

According to TipRanks.com, Hannisdahl is a 4-star analyst with an average return of 3.5% and a 56.6% success rate. Hannisdahl covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Star Bulk Carriers.

Eagle Bulk Shipping has an analyst consensus of Strong Buy, with a price target consensus of $26.50.

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Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $57.39 million and GAAP net loss of $20.49 million. In comparison, last year the company earned revenue of $69.39 million and had a GAAP net loss of $5.99 million.

Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EGLE in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.