Brokerages Anticipate Scorpio Bulkers Inc. (SALT) Will Post Quarterly Sales of $38.80 Million
Wall Street brokerages expect Scorpio Bulkers Inc. (NYSE:SALT) to report sales of $38.80 million for the current quarter, according to Zacks. Four analysts have made estimates for Scorpio Bulkers’ earnings. The highest sales estimate is $41.14 million and the lowest is $37.10 million. Scorpio Bulkers posted sales of $24.08 million during the same quarter last year, which would indicate a positive year over year growth rate of 61.1%. The company is expected to announce its next quarterly earnings results on Monday, October 30th.
On average, analysts expect that Scorpio Bulkers will report full-year sales of $38.80 million for the current financial year, with estimates ranging from $140.80 million to $165.02 million. For the next financial year, analysts forecast that the company will report sales of $188.50 million per share, with estimates ranging from $150.50 million to $244.47 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last posted its earnings results on Monday, July 24th. The shipping company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.01). The firm had revenue of $37.70 million for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 116.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.48) earnings per share.
Several equities research analysts have recently weighed in on SALT shares. Zacks Investment Research lowered Scorpio Bulkers from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. BidaskClub lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Stifel Nicolaus reissued a “hold” rating and set a $8.50 price objective on shares of Scorpio Bulkers in a research note on Wednesday, July 19th. ValuEngine lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $14.00 price objective on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Scorpio Bulkers has a consensus rating of “Hold” and an average target price of $9.75.
Shares of Scorpio Bulkers (NYSE SALT) opened at 7.03 on Friday. Scorpio Bulkers has a 52-week low of $3.25 and a 52-week high of $10.14. The firm’s 50-day moving average price is $7.60 and its 200-day moving average price is $7.45. The stock’s market capitalization is $504.42 million.
Scorpio Bulkers announced that its Board of Directors has initiated a stock buyback program on Wednesday, September 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the shipping company to purchase up to 10.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
Several large investors have recently made changes to their positions in SALT. Capital Fund Management S.A. purchased a new stake in shares of Scorpio Bulkers during the second quarter worth $134,000. GSA Capital Partners LLP bought a new position in Scorpio Bulkers during the second quarter valued at about $138,000. Voya Investment Management LLC raised its holdings in Scorpio Bulkers by 27.2% during the second quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after buying an additional 5,493 shares in the last quarter. Marshall Wace North America L.P. bought a new position in Scorpio Bulkers during the second quarter valued at about $245,000. Finally, American International Group Inc. raised its holdings in Scorpio Bulkers by 53.8% during the first quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock valued at $311,000 after buying an additional 11,819 shares in the last quarter. Institutional investors and hedge funds own 43.98% of the company’s stock.
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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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