BidaskClub Lowers 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 published on Wednesday morning.
Other equities analysts have also issued reports about the stock. Stifel Nicolaus reaffirmed a hold rating and set a $8.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, July 25th. ValuEngine downgraded shares of Scorpio Bulkers from a hold rating to a sell rating in a research note on Thursday, September 7th. Jefferies Group LLC reiterated a buy rating and set a $14.00 price objective on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. Finally, Zacks Investment Research upgraded shares of Scorpio Bulkers from a sell rating to a hold rating in a research note on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $9.36.
Scorpio Bulkers (NYSE:SALT) traded down 6.00% on Wednesday, hitting $7.05. 617,291 shares of the stock traded hands. The stock’s market cap is $506.22 million. The firm’s 50 day moving average is $7.64 and its 200 day moving average is $7.44. Scorpio Bulkers has a 52 week low of $3.35 and a 52 week high of $10.14.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.01). The company had revenue of $37.70 million during the quarter, compared to the consensus estimate of $38.78 million. Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. Scorpio Bulkers’s revenue for the quarter was up 116.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.48) earnings per share. Equities analysts anticipate that Scorpio Bulkers will post ($0.68) earnings per share for the current year.
Scorpio Bulkers announced that its board has authorized a share repurchase plan on Wednesday, September 13th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to repurchase up to 10.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
A number of large investors have recently bought and sold shares of SALT. Capital Fund Management S.A. acquired a new stake in Scorpio Bulkers during the 2nd quarter worth approximately $134,000. GSA Capital Partners LLP acquired a new stake in Scorpio Bulkers during the 2nd quarter worth approximately $138,000. Voya Investment Management LLC boosted its position in Scorpio Bulkers by 27.2% during the 2nd quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock worth $182,000 after buying an additional 5,493 shares during the period. Marshall Wace North America L.P. acquired a new stake in Scorpio Bulkers during the 2nd quarter worth approximately $245,000. Finally, American International Group Inc. boosted its position in Scorpio Bulkers by 53.8% during the 1st quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock worth $311,000 after buying an additional 11,819 shares during the period. Institutional investors and hedge funds own 43.96% of the company’s stock.
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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