ValuEngine Lowers Scorpio Bulkers Inc. (SALT) to Sell
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.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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