$39.05 Million in Sales Expected for Scorpio Bulkers Inc. (SALT) This Quarter
Wall Street analysts forecast that Scorpio Bulkers Inc. (NYSE:SALT) will report $39.05 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Scorpio Bulkers’ earnings. The highest sales estimate is $41.22 million and the lowest is $37.10 million. Scorpio Bulkers posted sales of $24.08 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 62.2%. The firm is expected to issue its next earnings results on Monday, October 30th.
According to Zacks, analysts expect that Scorpio Bulkers will report full year sales of $39.05 million for the current year, with estimates ranging from $140.80 million to $166.35 million. For the next financial year, analysts forecast that the business will report sales of $199.34 million per share, with estimates ranging from $150.50 million to $244.47 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.01). Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The business had revenue of $37.70 million during the quarter, compared to analysts’ expectations of $38.78 million. During the same period last year, the business earned ($0.48) earnings per share. The company’s revenue for the quarter was up 116.7% compared to the same quarter last year.
Several analysts have recently commented on the stock. Zacks Investment Research lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. BidaskClub raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research note on Thursday, September 21st. 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. Stifel Nicolaus reissued a “hold” rating and set a $8.00 price objective on shares of Scorpio Bulkers in a research note on Tuesday, July 25th. Finally, ValuEngine downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Scorpio Bulkers currently has an average rating of “Hold” and an average target price of $9.36.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in shares of Scorpio Bulkers by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock valued at $1,408,000 after buying an additional 508 shares during the period. The Manufacturers Life Insurance Company raised its stake in Scorpio Bulkers by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock worth $326,000 after purchasing an additional 1,291 shares during the period. Vanguard Group Inc. raised its stake in Scorpio Bulkers by 1.9% during the second quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock worth $872,000 after purchasing an additional 2,242 shares during the period. Teachers Advisors LLC raised its stake in Scorpio Bulkers by 2.4% during the second quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock worth $750,000 after purchasing an additional 2,439 shares during the period. Finally, Phoenix Investment Adviser LLC raised its stake in Scorpio Bulkers by 2.2% during the second quarter. Phoenix Investment Adviser LLC now owns 139,500 shares of the shipping company’s stock worth $990,000 after purchasing an additional 3,000 shares during the period. 43.96% of the stock is currently owned by institutional investors and hedge funds.
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Scorpio Bulkers (NYSE SALT) traded up 0.69% during mid-day trading on Wednesday, hitting $7.30. 456,877 shares of the stock traded hands. Scorpio Bulkers has a 12 month low of $3.35 and a 12 month high of $10.14. The company’s market cap is $524.17 million. The stock’s 50 day moving average is $7.60 and its 200-day moving average is $7.39.
Scorpio Bulkers declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 13th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the shipping company to reacquire up to 10.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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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