Scorpio Bulkers Inc. (SALT) Upgraded to Hold at BidaskClub
Scorpio Bulkers Inc. (NYSE:SALT) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
Several other equities research analysts have also commented on SALT. Jefferies Group LLC reissued a “buy” rating and issued a $14.00 price target on shares of Scorpio Bulkers in a report on Thursday, August 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $8.00 price target on shares of Scorpio Bulkers in a report on Tuesday, July 25th. ValuEngine lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Finally, Zacks Investment Research lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $9.75.
Scorpio Bulkers (SALT) traded down 3.90% during trading on Thursday, reaching $7.40. 538,875 shares of the company traded hands. The firm has a 50-day moving average price of $7.64 and a 200-day moving average price of $7.44. The company’s market capitalization is $531.35 million. Scorpio Bulkers has a 52 week low of $3.35 and a 52 week high of $10.14.
Scorpio Bulkers (NYSE:SALT) last posted its earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 72.87% and a negative return on equity of 7.52%. The business’s revenue for the quarter was up 116.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.48) earnings per share. Analysts forecast that Scorpio Bulkers will post ($0.68) earnings per share for the current fiscal year.
Scorpio Bulkers announced that its board has initiated a share buyback program on Wednesday, September 13th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the shipping company to reacquire up to 10.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
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Institutional investors have recently added to or reduced their stakes in the company. Royce & Associates LP grew its holdings in shares of Scorpio Bulkers by 6.0% during the second quarter. Royce & Associates LP now owns 967,873 shares of the shipping company’s stock worth $6,872,000 after buying an additional 55,000 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Scorpio Bulkers by 101.0% during 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 in the last quarter. Wellington Management Group LLP grew its holdings in shares of Scorpio Bulkers by 1,043.7% during 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 in the last quarter. Hosking Partners LLP grew its holdings in shares of Scorpio Bulkers by 1.6% during the second quarter. Hosking Partners LLP now owns 913,509 shares of the shipping company’s stock worth $6,486,000 after buying an additional 14,812 shares in the last quarter. Finally, Evermore Global Advisors LLC grew its holdings in shares of Scorpio Bulkers by 10.6% during the first quarter. Evermore Global Advisors LLC now owns 4,813,709 shares of the shipping company’s stock worth $44,286,000 after buying an additional 461,783 shares in the last quarter. 43.96% of the stock is owned by institutional investors and hedge funds.
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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