Scorpio Bulkers (SALT) Downgraded to Sell at Zacks Investment Research

Scorpio Bulkers (NYSE:SALT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to 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 weighed in on SALT. Stifel Nicolaus restated a “hold” rating and issued a $9.00 price objective on shares of Scorpio Bulkers in a report on Tuesday, October 24th. BidaskClub upgraded Scorpio Bulkers from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Morgan Stanley decreased their price objective on Scorpio Bulkers from $10.50 to $9.00 and set an “equal weight” rating on the stock in a report on Monday. Noble Financial began coverage on Scorpio Bulkers in a report on Friday, January 12th. They issued a “buy” rating and a $10.00 price objective on the stock. Finally, Jefferies Group began coverage on Scorpio Bulkers in a report on Monday, December 18th. They issued a “buy” rating and a $14.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $10.21.

Scorpio Bulkers (NYSE SALT) opened at $7.64 on Wednesday. The company has a quick ratio of 2.20, a current ratio of 1.41 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $593.99, a price-to-earnings ratio of -9.34 and a beta of 3.43. Scorpio Bulkers has a fifty-two week low of $5.70 and a fifty-two week high of $10.14.

Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings data on Monday, February 5th. The shipping company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $51.13 million for the quarter, compared to analyst estimates of $49.34 million. Scorpio Bulkers had a negative return on equity of 4.45% and a negative net margin of 36.82%. The firm’s revenue for the quarter was up 90.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.29) EPS. equities research analysts forecast that Scorpio Bulkers will post 0.12 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northern Trust Corp raised its holdings in shares of Scorpio Bulkers by 5.5% during the 2nd quarter. Northern Trust Corp now owns 532,847 shares of the shipping company’s stock worth $3,783,000 after acquiring an additional 27,871 shares during the period. Evermore Global Advisors LLC raised its holdings in shares of Scorpio Bulkers by 6.1% during the 4th quarter. Evermore Global Advisors LLC now owns 6,324,477 shares of the shipping company’s stock worth $46,801,000 after acquiring an additional 366,181 shares during the period. TIAA CREF Investment Management LLC raised its holdings in shares of Scorpio Bulkers by 24.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 154,481 shares of the shipping company’s stock worth $1,097,000 after acquiring an additional 29,886 shares during the period. Royce & Associates LP raised its holdings in shares of Scorpio Bulkers by 13.9% during the 3rd quarter. Royce & Associates LP now owns 1,101,978 shares of the shipping company’s stock worth $7,769,000 after acquiring an additional 134,105 shares during the period. Finally, Malaga Cove Capital LLC purchased a new position in shares of Scorpio Bulkers during the 4th quarter worth $299,000. Institutional investors and hedge funds own 39.80% of the company’s stock.

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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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