Scorpio Bulkers Inc. (SALT) Receives Average Rating of “Hold” from Brokerages
Shares of Scorpio Bulkers Inc. (NYSE:SALT) have been assigned an average recommendation of “Hold” from the ten analysts that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $9.50.
A number of analysts have recently commented on SALT shares. BidaskClub downgraded 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 reissued a “buy” rating and issued a $14.00 price objective on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. ValuEngine downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $8.00 price objective on shares of Scorpio Bulkers in a research note on Tuesday, July 25th.
Several hedge funds and other institutional investors have recently modified their holdings of SALT. Bank of New York Mellon Corp grew its holdings in shares of Scorpio Bulkers by 22.3% in the 1st quarter. Bank of New York Mellon Corp now owns 197,669 shares of the shipping company’s stock worth $1,818,000 after acquiring an additional 36,094 shares during the last quarter. Parametric Portfolio Associates LLC grew its holdings in shares of Scorpio Bulkers by 33.7% in the 1st quarter. Parametric Portfolio Associates LLC now owns 302,192 shares of the shipping company’s stock worth $2,780,000 after acquiring an additional 76,190 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Scorpio Bulkers by 101.0% in the 1st quarter. JPMorgan Chase & Co. now owns 104,782 shares of the shipping company’s stock worth $964,000 after acquiring an additional 52,655 shares during the last quarter. American International Group Inc. grew its holdings in shares of Scorpio Bulkers by 53.8% in the 1st quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock worth $311,000 after acquiring an additional 11,819 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Scorpio Bulkers by 1,043.7% in the 1st quarter. Wellington Management Group LLP now owns 206,223 shares of the shipping company’s stock worth $1,897,000 after acquiring an additional 188,192 shares during the last quarter. Institutional investors and hedge funds own 43.96% of the company’s stock.
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Scorpio Bulkers (NYSE:SALT) traded down 3.293% during mid-day trading on Wednesday, reaching $8.075. The company’s stock had a trading volume of 1,386,896 shares. The company’s market capitalization is $579.82 million. Scorpio Bulkers has a 1-year low of $3.35 and a 1-year high of $10.14. The firm has a 50 day moving average price of $7.45 and a 200-day moving average price of $7.21.
Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings data on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.01). Scorpio Bulkers had a negative return on equity of 6.47% and a negative net margin of 57.43%. The firm had revenue of $38.60 million during the quarter, compared to the consensus estimate of $40.04 million. During the same period in the prior year, the firm posted ($0.60) EPS. The firm’s quarterly revenue was up 61.5% on a year-over-year basis. On average, equities analysts predict that Scorpio Bulkers will post ($0.61) EPS for the current fiscal year.
The company also recently disclosed a special dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be paid a $0.02 dividend. The ex-dividend date is Tuesday, November 14th.
Scorpio Bulkers declared that its Board of Directors has initiated a share buyback program on Wednesday, September 13th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to repurchase up to 10.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership 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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