Scorpio Bulkers Inc. (NYSE:SALT) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Thursday.

SALT has been the topic of several other research reports. BidaskClub upgraded Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Zacks Investment Research cut Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Stifel Nicolaus reiterated a “hold” rating and set a $8.00 price objective on shares of Scorpio Bulkers in a research report on Tuesday, July 25th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $14.00 price objective on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $9.75.

Shares of Scorpio Bulkers (NYSE:SALT) traded down 3.80% during midday trading on Thursday, reaching $7.60. 730,341 shares of the company’s stock traded hands. The stock’s market cap is $545.71 million. The stock has a 50 day moving average of $7.60 and a 200-day moving average of $7.46. Scorpio Bulkers has a 52-week low of $3.25 and a 52-week high of $10.14.

Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.18) by $0.01. The firm had revenue of $37.70 million for the quarter, compared to the consensus estimate of $38.78 million. Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The firm’s quarterly revenue was up 116.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.48) EPS. On average, equities research analysts expect that Scorpio Bulkers will post ($0.70) EPS for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in shares of 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 purchasing an additional 176,000 shares during the period. Engineers Gate Manager LP bought a new position in shares of Scorpio Bulkers in the first quarter worth $1,035,000. BlackRock Advisors LLC increased its position in shares of Scorpio Bulkers by 25.5% in the third quarter. BlackRock Advisors LLC now owns 975,818 shares of the shipping company’s stock worth $3,376,000 after purchasing an additional 198,382 shares during the period. Marshall Wace LLP bought a new position in shares of Scorpio Bulkers in the fourth quarter worth $2,236,000. Finally, State Street Corp increased its position in shares of 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 purchasing an additional 266,870 shares during the period. Institutional investors own 43.98% of the company’s stock.

Scorpio Bulkers Company Profile

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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Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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