Scorpio Bulkers Inc. (SALT) Upgraded to Hold at BidaskClub
BidaskClub upgraded shares of Scorpio Bulkers Inc. (NYSE:SALT) from a sell rating to a hold rating in a research report released on Thursday.
A number of other equities research analysts also recently weighed in on SALT. Jefferies Group LLC restated a buy rating and issued a $14.00 target price on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Stifel Nicolaus restated a hold rating and issued a $8.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, July 25th. Zacks Investment Research downgraded Scorpio Bulkers from a hold rating to a sell rating in a research report on Thursday, June 22nd. Finally, Credit Suisse Group restated an outperform rating and issued a $10.00 target price on shares of Scorpio Bulkers in a research report on Sunday, April 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $8.84.
Scorpio Bulkers (NYSE SALT) opened at 7.55 on Thursday. Scorpio Bulkers has a 1-year low of $3.03 and a 1-year high of $10.14. The stock’s market capitalization is $542.12 million. The company has a 50-day moving average price of $7.30 and a 200 day moving average price of $7.39.
Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.01. The firm had revenue of $37.70 million during the quarter, compared to analyst estimates of $38.78 million. Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The business’s revenue for the quarter was up 116.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.48) earnings per share. On average, equities analysts predict that Scorpio Bulkers will post ($0.70) EPS for the current year.
Large investors have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new stake in shares of Scorpio Bulkers during the first quarter worth approximately $1,035,000. State Street Corp increased its stake in shares of Scorpio Bulkers by 50.6% in the fourth quarter. State Street Corp now owns 793,782 shares of the shipping company’s stock worth $4,009,000 after buying an additional 266,870 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Scorpio Bulkers by 101.0% in the first quarter. JPMorgan Chase & Co. now owns 104,782 shares of the shipping company’s stock worth $964,000 after buying an additional 52,655 shares during the period. Hosking Partners LLP increased its stake in shares of Scorpio Bulkers by 82.7% in the first quarter. Hosking Partners LLP now owns 898,697 shares of the shipping company’s stock worth $8,268,000 after buying an additional 406,926 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Scorpio Bulkers by 1,043.7% in the first quarter. Wellington Management Group LLP now owns 206,223 shares of the shipping company’s stock worth $1,897,000 after buying an additional 188,192 shares during the period. Institutional investors own 50.84% of the company’s stock.
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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