Scorpio Bulkers Inc (NYSE:SALT) traded down 8.1% during mid-day trading on Wednesday . The stock traded as low as $6.47 and last traded at $6.61. 1,717,727 shares changed hands during trading, an increase of 262% from the average session volume of 474,130 shares. The stock had previously closed at $7.19.

Several equities research analysts recently issued reports on the company. ValuEngine raised Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. Zacks Investment Research lowered Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Jefferies Financial Group set a $12.00 price target on Scorpio Bulkers and gave the company a “buy” rating in a research report on Tuesday, July 24th. Seaport Global Securities reissued a “buy” rating and set a $13.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, July 31st. Finally, B. Riley assumed coverage on Scorpio Bulkers in a research report on Thursday, October 4th. They set a “buy” rating and a $9.50 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $10.00.

The company has a debt-to-equity ratio of 0.71, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $550.71 million, a price-to-earnings ratio of -11.60 and a beta of 3.02.

Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Monday, July 23rd. The shipping company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). Scorpio Bulkers had a negative return on equity of 1.84% and a negative net margin of 8.17%. The company had revenue of $60.61 million during the quarter, compared to analyst estimates of $61.68 million. During the same period in the prior year, the business earned ($0.19) earnings per share. Scorpio Bulkers’s quarterly revenue was up 60.6% on a year-over-year basis. As a group, research analysts predict that Scorpio Bulkers Inc will post 0.12 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Northern Trust Corp increased its position in Scorpio Bulkers by 2.7% in the second quarter. Northern Trust Corp now owns 535,776 shares of the shipping company’s stock worth $3,804,000 after buying an additional 13,846 shares during the period. Engineers Gate Manager LP increased its position in Scorpio Bulkers by 121.7% in the second quarter. Engineers Gate Manager LP now owns 43,888 shares of the shipping company’s stock worth $312,000 after buying an additional 24,095 shares during the period. Trexquant Investment LP acquired a new stake in Scorpio Bulkers in the second quarter worth $226,000. Millennium Management LLC increased its position in Scorpio Bulkers by 3.9% in the first quarter. Millennium Management LLC now owns 921,953 shares of the shipping company’s stock worth $6,500,000 after buying an additional 34,442 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Scorpio Bulkers during the second quarter valued at $300,000. 38.59% of the stock is currently owned by hedge funds and other institutional investors.

About Scorpio Bulkers (NYSE:SALT)

Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.

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