Scorpio Bulkers Inc. (SALT) Given Average Rating of “Hold” by Brokerages
Scorpio Bulkers Inc. (NYSE:SALT) has earned an average rating of “Hold” from the ten ratings firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $9.50.
Several brokerages have commented on SALT. Stifel Nicolaus reiterated a “hold” rating and issued a $9.00 price target on shares of Scorpio Bulkers in a research note on Tuesday, October 24th. Zacks Investment Research lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. BidaskClub upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Thursday, September 21st. Jefferies Group LLC restated a “buy” rating and set a $14.00 target price on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Finally, ValuEngine lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Evermore Global Advisors LLC lifted its holdings in shares of Scorpio Bulkers by 32.3% during the second quarter. Evermore Global Advisors LLC now owns 6,370,207 shares of the shipping company’s stock worth $45,228,000 after purchasing an additional 1,556,498 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Scorpio Bulkers by 17.9% during the first quarter. Renaissance Technologies LLC now owns 1,163,475 shares of the shipping company’s stock worth $10,704,000 after purchasing an additional 176,666 shares during the period. Royce & Associates LP lifted its holdings in shares of Scorpio Bulkers by 6.0% during the second quarter. Royce & Associates LP now owns 967,873 shares of the shipping company’s stock worth $6,872,000 after purchasing an additional 55,000 shares during the period. Horseman Capital Management Ltd lifted its holdings in shares of Scorpio Bulkers by 35.7% during the third quarter. Horseman Capital Management Ltd now owns 950,000 shares of the shipping company’s stock worth $6,698,000 after purchasing an additional 250,000 shares during the period. Finally, State Street Corp lifted its holdings in shares of Scorpio Bulkers by 10.5% during the second quarter. State Street Corp now owns 924,007 shares of the shipping company’s stock worth $6,558,000 after purchasing an additional 88,156 shares during the period. 44.28% of the stock is owned by hedge funds and other institutional investors.
Scorpio Bulkers (NYSE:SALT) traded down 1.81% during mid-day trading on Wednesday, reaching $8.15. 417,590 shares of the company were exchanged. Scorpio Bulkers has a 1-year low of $3.50 and a 1-year high of $10.14. The firm’s market capitalization is $585.20 million. The stock has a 50-day moving average of $7.49 and a 200 day moving average of $7.18.
Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). The company had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $40.04 million. Scorpio Bulkers had a negative net margin of 57.43% and a negative return on equity of 6.51%. The business’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.60) earnings per share. Equities research analysts forecast that Scorpio Bulkers will post ($0.58) earnings per share for the current year.
Scorpio Bulkers announced that its Board of Directors has authorized a stock buyback program on Wednesday, September 13th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the shipping company to repurchase up to 10.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a special dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.02 per share. The ex-dividend date is Tuesday, November 14th.
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About Scorpio Bulkers
Scorpio Bulkers Inc is a shipping company. The Company owns and operates newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 deadweight tons (dwt). The Company operates through two segments: Kamsarmax and Ultramax. Its Kamsarmax segment includes vessels ranging from approximately 77,500 DWT to 98,700 DWT.
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