Scorpio Bulkers Inc. Plans Special Dividend of $0.02 (SALT)
Scorpio Bulkers Inc. (NYSE:SALT) declared a special dividend on Tuesday, October 24th, Wall Street Journal reports. Shareholders of record on Wednesday, November 15th will be paid a dividend of 0.02 per share by the shipping company on Friday, December 15th. The ex-dividend date is Tuesday, November 14th.
Shares of Scorpio Bulkers (SALT) traded down 4.02% during midday trading on Tuesday, hitting $8.35. 991,913 shares of the company’s stock traded hands. Scorpio Bulkers has a 52 week low of $3.35 and a 52 week high of $10.14. The company has a 50 day moving average of $7.43 and a 200 day moving average of $7.22. The stock’s market cap is $599.56 million.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The business had revenue of $38.60 million for 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%. Scorpio Bulkers’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same period last year, the business posted ($0.60) earnings per share. On average, equities analysts forecast that Scorpio Bulkers will post ($0.61) EPS for the current fiscal year.
Scorpio Bulkers declared that its Board of Directors has approved a share repurchase plan on Wednesday, September 13th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the shipping company to purchase up to 10.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
SALT has been the topic of a number of research analyst reports. BidaskClub lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Zacks Investment Research raised Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 target price on the stock in a report on Friday, September 29th. Jefferies Group LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Scorpio Bulkers in a report on Thursday, August 3rd. ValuEngine lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $8.00 target price on shares of Scorpio Bulkers in a report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $9.50.
An institutional investor recently raised its position in Scorpio Bulkers stock. Vanguard Group Inc. boosted its holdings in shares of 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 firm owned 122,836 shares of the shipping company’s stock after acquiring 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. 43.96% of the stock is currently owned by institutional investors and hedge funds.
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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