Scorpio Bulkers Inc. (SALT) Downgraded by Zacks Investment Research to Hold
Scorpio Bulkers Inc. (NYSE:SALT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “
SALT has been the subject of a number of other research reports. Deutsche Bank AG increased their price target on Scorpio Bulkers from $3.00 to $4.50 and gave the company a “hold” rating in a research report on Tuesday. Jefferies Group reiterated a “buy” rating and issued a $5.00 price target on shares of Scorpio Bulkers in a research report on Wednesday, July 6th. Seaport Global Securities reiterated a “buy” rating and issued a $5.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, August 2nd. Finally, Clarkson Capital upgraded Scorpio Bulkers from a “neutral” rating to a “buy” rating in a research report on Friday, June 17th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.29.
Scorpio Bulkers (NYSE:SALT) opened at 3.59 on Wednesday. The stock’s market capitalization is $184.18 million. The company has a 50-day moving average of $3.48 and a 200-day moving average of $3.44. Scorpio Bulkers has a 52-week low of $1.79 and a 52-week high of $19.80.
Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.48) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.53) by $0.05. Scorpio Bulkers had a negative return on equity of 9.43% and a negative net margin of 621.88%. The business earned $17.37 million during the quarter, compared to analyst estimates of $16.45 million. During the same quarter last year, the company posted ($0.09) EPS. Scorpio Bulkers’s revenue for the quarter was up 35.9% on a year-over-year basis. Equities research analysts expect that Scorpio Bulkers will post ($1.83) EPS for the current year.
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Scorpio Bulkers by 3.7% in the second quarter. Vanguard Group Inc. now owns 74,495 shares of the company’s stock worth $208,000 after buying an additional 2,638 shares during the period. Rhumbline Advisers increased its stake in Scorpio Bulkers by 18.4% in the second quarter. Rhumbline Advisers now owns 46,489 shares of the company’s stock worth $130,000 after buying an additional 7,241 shares during the period. BlackRock Investment Management LLC increased its stake in Scorpio Bulkers by 4.2% in the second quarter. BlackRock Investment Management LLC now owns 189,033 shares of the company’s stock worth $527,000 after buying an additional 7,566 shares during the period. Nationwide Fund Advisors increased its stake in Scorpio Bulkers by 20.2% in the second quarter. Nationwide Fund Advisors now owns 53,829 shares of the company’s stock worth $150,000 after buying an additional 9,043 shares during the period. Finally, Geode Capital Management LLC increased its stake in Scorpio Bulkers by 67.1% in the first quarter. Geode Capital Management LLC now owns 45,274 shares of the company’s stock worth $148,000 after buying an additional 18,172 shares during the period. 37.13% of the stock is owned by institutional investors.
About Scorpio Bulkers
Scorpio Bulkers Inc is a shipping company. The Company offers marine transportation services for a range of bulk commodities, including ores, coal, grains and fertilizers using its vessels. The Company focuses to acquire and operate the drybulk carriers. The Company operates through three segments: Capesize, Kamsarmax and Ultramax.
Receive News & Stock Ratings for Scorpio Bulkers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Bulkers Inc. and related stocks with our FREE daily email newsletter.