Scorpio Bulkers Inc. (NYSE:SALT) Raised to “Hold” at Zacks Investment Research
Scorpio Bulkers Inc. (NYSE:SALT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.
According to Zacks, “Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. The company’s vessels consist of Ultramax, Kamsarmax and Capesize. It operates shipyards in Japan, China and Romania. Scorpio Bulkers Inc. is based in MONACO. “
A number of other brokerages have also issued reports on SALT. Morgan Stanley initiated coverage on shares of Scorpio Bulkers in a research note on Tuesday, March 28th. They set an “equal weight” rating and a $10.50 target price for the company. Stifel Nicolaus reissued a “hold” rating and set a $8.50 target price on shares of Scorpio Bulkers in a research note on Wednesday. Finally, Credit Suisse Group AG reissued an “outperform” rating and set a $10.00 target price on shares of Scorpio Bulkers in a research note on Sunday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. Scorpio Bulkers has an average rating of “Hold” and a consensus price target of $7.92.
Shares of Scorpio Bulkers (NYSE SALT) opened at 7.25 on Friday. The stock’s market capitalization is $520.08 million. Scorpio Bulkers has a 52-week low of $3.02 and a 52-week high of $10.14. The stock has a 50 day moving average of $6.75 and a 200 day moving average of $7.27.
Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Thursday, April 20th. The shipping company reported ($0.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.03. The company had revenue of $34.73 million for the quarter, compared to analysts’ expectations of $33.92 million. Scorpio Bulkers had a negative net margin of 98.31% and a negative return on equity of 8.63%. The firm’s revenue for the quarter was up 239.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.12) earnings per share. Analysts forecast that Scorpio Bulkers will post ($0.66) earnings per share for the current year.
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A number of hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in Scorpio Bulkers by 21.7% in the fourth quarter. Renaissance Technologies LLC now owns 986,809 shares of the shipping company’s stock worth $4,983,000 after buying an additional 176,000 shares during the period. Engineers Gate Manager LP acquired a new stake in Scorpio Bulkers during the first quarter worth $1,035,000. State Street Corp raised its stake in Scorpio Bulkers by 50.6% in the fourth quarter. State Street Corp now owns 793,782 shares of the shipping company’s stock worth $4,009,000 after buying an additional 266,870 shares during the period. Hosking Partners LLP raised its stake in Scorpio Bulkers by 82.7% in the first quarter. Hosking Partners LLP now owns 898,697 shares of the shipping company’s stock worth $8,268,000 after buying an additional 406,926 shares during the period. Finally, Trexquant Investment LP acquired a new stake in Scorpio Bulkers during the first quarter worth $522,000. 47.90% of the stock is owned by institutional investors.
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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