Scorpio Bulkers Inc. (NYSE:SALT) Receives Average Recommendation of “Buy” from Brokerages
Shares of Scorpio Bulkers Inc. (NYSE:SALT) have been assigned an average rating of “Buy” from the nine research firms that are currently covering the company. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $5.45.
Several brokerages recently weighed in on SALT. Zacks Investment Research raised shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a research report on Thursday, June 23rd. Seaport Global Securities reaffirmed a “buy” rating and issued a $5.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, August 2nd. Jefferies Group reaffirmed a “buy” rating and issued a $5.00 price target on shares of Scorpio Bulkers in a research report on Wednesday, July 6th. Finally, Clarkson Capital raised shares of Scorpio Bulkers from a “neutral” rating to a “buy” rating in a research report on Friday, June 17th.
Scorpio Bulkers (NYSE:SALT) traded down 2.37% during trading on Tuesday, hitting $3.71. The stock had a trading volume of 174,138 shares. Scorpio Bulkers has a 1-year low of $1.79 and a 1-year high of $20.76. The firm’s market capitalization is $190.34 million. The firm has a 50 day moving average price of $3.40 and a 200-day moving average price of $3.45.
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Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.48) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.53) by $0.05. Scorpio Bulkers had a negative net margin of 621.88% and a negative return on equity of 9.43%. The business had revenue of $17.37 million for the quarter, compared to analysts’ expectations of $16.45 million. During the same quarter last year, the firm earned ($0.09) EPS. The firm’s revenue for the quarter was up 35.9% compared to the same quarter last year. On average, equities research analysts expect that Scorpio Bulkers will post ($1.83) EPS for the current year.
Several large investors have recently bought and sold shares of the company. BlackRock Advisors LLC boosted its stake in Scorpio Bulkers by 5,045.9% in the second quarter. BlackRock Advisors LLC now owns 777,436 shares of the company’s stock worth $2,169,000 after buying an additional 762,328 shares during the period. BlackRock Fund Advisors boosted its stake in Scorpio Bulkers by 51.8% in the first quarter. BlackRock Fund Advisors now owns 1,127,917 shares of the company’s stock worth $3,700,000 after buying an additional 385,079 shares during the period. Renaissance Technologies LLC bought a new stake in Scorpio Bulkers during the first quarter worth approximately $1,161,000. Phoenix Investment Adviser LLC bought a new stake in Scorpio Bulkers during the second quarter worth approximately $657,000. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Scorpio Bulkers by 59.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 389,554 shares of the company’s stock worth $1,278,000 after buying an additional 145,675 shares during the period. 37.13% of the stock is currently owned by institutional investors.
About Scorpio Bulkers
Scorpio Bulkers Inc is a shipping company. The Company offers marine transportation services for a range of bulk commodities, including ores, coal, grains and fertilizers using its vessels. The Company focuses to acquire and operate the drybulk carriers. The Company operates through three segments: Capesize, Kamsarmax and Ultramax.
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