Scorpio Bulkers Inc. (SALT) Rating Lowered to Hold at Zacks Investment Research
Scorpio Bulkers Inc. (NYSE:SALT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. The company’s vessels consist of Ultramax, Kamsarmax and Capesize. It operates shipyards in Japan, China and Romania. Scorpio Bulkers Inc. is based in MONACO. “
A number of other brokerages have also issued reports on SALT. Stifel Nicolaus restated a “hold” rating and issued a $9.00 price target on shares of Scorpio Bulkers in a research note on Tuesday, October 24th. BidaskClub upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. ValuEngine lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $14.00 price target on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $9.50.
Scorpio Bulkers (NYSE SALT) opened at 8.00 on Wednesday. The stock has a 50 day moving average of $7.51 and a 200 day moving average of $7.18. The firm’s market cap is $574.43 million. Scorpio Bulkers has a one year low of $3.50 and a one year high of $10.14.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The company had revenue of $38.60 million during the quarter, compared to the consensus estimate of $40.04 million. Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The firm’s quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.60) EPS. On average, equities analysts forecast that Scorpio Bulkers will post ($0.58) earnings per share for the current year.
Scorpio Bulkers announced that its board has authorized a stock repurchase plan on Wednesday, September 13th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the shipping company to reacquire up to 10.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
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A number of hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its stake in 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 purchasing an additional 508 shares during the last quarter. The Manufacturers Life Insurance Company increased 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 valued at $326,000 after purchasing an additional 1,291 shares during the last quarter. Vanguard Group Inc. increased 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 valued at $872,000 after purchasing an additional 2,242 shares during the last quarter. Teachers Advisors LLC increased 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 valued at $750,000 after purchasing an additional 2,439 shares during the last quarter. Finally, Phoenix Investment Adviser LLC increased 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 valued at $990,000 after purchasing an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 44.28% of the company’s stock.
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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