Scorpio Bulkers Inc. (SALT) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS
Scorpio Bulkers Inc. (NYSE:SALT) released its quarterly earnings data on Monday. The shipping company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01), Bloomberg Earnings reports. The business had revenue of $38.60 million during the quarter, compared to analyst estimates of $40.04 million. Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. The business’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same period last year, the business earned ($0.60) earnings per share.
Shares of Scorpio Bulkers (NYSE SALT) traded down 0.57% during mid-day trading on Tuesday, hitting $8.65. The stock had a trading volume of 117,536 shares. The stock’s market cap is $621.10 million. The firm has a 50 day moving average price of $7.43 and a 200-day moving average price of $7.22. Scorpio Bulkers has a 12 month low of $3.35 and a 12 month high of $10.14.
An institutional investor recently raised its position in Scorpio Bulkers stock. Vanguard Group Inc. lifted its position in Scorpio Bulkers Inc. (NYSE:SALT) by 1.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,836 shares of the shipping company’s stock after purchasing an additional 2,242 shares during the quarter. Vanguard Group Inc. owned 0.17% of Scorpio Bulkers worth $872,000 at the end of the most recent quarter. Institutional investors and hedge funds own 43.96% of the company’s stock.
Scorpio Bulkers announced that its Board of Directors has approved a share buyback 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 repurchase up to 10.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
SALT has been the topic of several research analyst reports. BidaskClub lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Zacks Investment Research raised Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 price objective on the stock in a research note on Friday, September 29th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. ValuEngine lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $8.00 price objective on shares of Scorpio Bulkers in a research note on Tuesday, July 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Scorpio Bulkers presently has a consensus rating of “Hold” and an average target price of $9.50.
TRADEMARK VIOLATION WARNING: This news story was originally posted by American Banking News and is the property of of American Banking News. If you are viewing this news story on another website, it was copied illegally and republished in violation of US & international trademark and copyright laws. The correct version of this news story can be accessed at https://www.americanbankingnews.com/2017/10/23/scorpio-bulkers-inc-salt-posts-earnings-results-misses-estimates-by-0-02-eps.html.
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.
Receive News & Ratings for Scorpio Bulkers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Bulkers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.