Scorpio Bulkers (NYSE:SALT) had its target price lowered by analysts at Morgan Stanley from $10.50 to $9.00 in a note issued to investors on Monday. The firm presently has an “equal weight” rating on the shipping company’s stock. Morgan Stanley’s price target would indicate a potential upside of 19.68% from the company’s current price.
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 price target on the stock in a report on Wednesday, December 27th. Jefferies Group initiated coverage on shares of Scorpio Bulkers in a report on Monday, December 18th. They issued a “buy” rating and a $14.00 price target on the stock. Noble Financial initiated coverage on shares of Scorpio Bulkers in a report on Friday, January 12th. They issued a “buy” rating and a $10.00 price target on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $9.00 price target on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Finally, BidaskClub upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Scorpio Bulkers currently has a consensus rating of “Hold” and an average price target of $10.21.
Shares of Scorpio Bulkers (NYSE SALT) traded up $0.07 during trading hours on Monday, reaching $7.52. 94,491 shares of the company traded hands, compared to its average volume of 620,256. Scorpio Bulkers has a one year low of $5.70 and a one year high of $10.14. The company has a current ratio of 1.41, a quick ratio of 2.20 and a debt-to-equity ratio of 0.73. The firm has a market cap of $574.70, a P/E ratio of -9.06 and a beta of 3.43.
Several hedge funds and other institutional investors have recently modified their holdings of SALT. Fox Run Management L.L.C. acquired a new stake in shares of Scorpio Bulkers during the 4th quarter worth approximately $101,000. Tower Research Capital LLC TRC grew its stake in shares of Scorpio Bulkers by 185.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 16,424 shares of the shipping company’s stock worth $121,000 after purchasing an additional 10,664 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Scorpio Bulkers during the 2nd quarter worth approximately $133,000. Capital Fund Management S.A. acquired a new stake in shares of Scorpio Bulkers during the 2nd quarter worth approximately $134,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Scorpio Bulkers during the 2nd quarter worth approximately $138,000. 39.80% of the stock is currently owned by institutional investors and hedge funds.
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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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