BidaskClub Downgrades Scorpio Bulkers Inc. (SALT) to Sell
BidaskClub downgraded shares of Scorpio Bulkers Inc. (NYSE:SALT) from a hold rating to a sell rating in a research note released on Tuesday.
A number of other equities analysts also recently issued reports on the company. Zacks Investment Research downgraded Scorpio Bulkers from a buy rating to a hold rating in a research report on Tuesday, May 30th. Stifel Nicolaus reiterated a hold rating and issued a $8.50 target price on shares of Scorpio Bulkers in a report on Wednesday, July 19th. ValuEngine downgraded Scorpio Bulkers from a hold rating to a sell rating in a report on Thursday, September 7th. Finally, Jefferies Group LLC reiterated a buy rating and issued a $14.00 target price on shares of Scorpio Bulkers in a report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $9.75.
Shares of Scorpio Bulkers (NYSE SALT) opened at 7.50 on Tuesday. Scorpio Bulkers has a 52 week low of $3.35 and a 52 week high of $10.14. The stock has a 50 day moving average price of $7.61 and a 200-day moving average price of $7.45. The company’s market capitalization is $538.53 million.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.01). Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The company had revenue of $37.70 million for the quarter, compared to the consensus estimate of $38.78 million. During the same quarter last year, the business earned ($0.48) earnings per share. Scorpio Bulkers’s revenue was up 116.7% compared to the same quarter last year. Equities research analysts expect that Scorpio Bulkers will post ($0.68) EPS for the current year.
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Scorpio Bulkers announced that its Board of Directors has authorized a share buyback program on Wednesday, September 13th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the shipping company to repurchase up to 10.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of the business. Evermore Global Advisors LLC increased its holdings in Scorpio Bulkers by 32.3% in the second quarter. Evermore Global Advisors LLC now owns 6,370,207 shares of the shipping company’s stock worth $45,228,000 after purchasing an additional 1,556,498 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Scorpio Bulkers by 17.9% in the first quarter. Renaissance Technologies LLC now owns 1,163,475 shares of the shipping company’s stock worth $10,704,000 after purchasing an additional 176,666 shares in the last quarter. Royce & Associates LP increased its holdings in Scorpio Bulkers by 6.0% in the second quarter. Royce & Associates LP now owns 967,873 shares of the shipping company’s stock worth $6,872,000 after purchasing an additional 55,000 shares in the last quarter. State Street Corp increased its holdings in Scorpio Bulkers by 10.5% in the second quarter. State Street Corp now owns 924,007 shares of the shipping company’s stock worth $6,558,000 after purchasing an additional 88,156 shares in the last quarter. Finally, Hosking Partners LLP increased its holdings in Scorpio Bulkers by 1.6% in the second quarter. Hosking Partners LLP now owns 913,509 shares of the shipping company’s stock worth $6,486,000 after purchasing an additional 14,812 shares in the last quarter. Institutional investors and hedge funds own 43.98% 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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