Zacks Investment Research downgraded shares of Scorpio Bulkers Inc. (NYSE:SALT) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

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. “

A number of other equities analysts have also recently issued reports on SALT. Stifel Nicolaus restated a hold rating and set a $8.50 price objective on shares of Scorpio Bulkers in a report on Wednesday, July 19th. BidaskClub cut Scorpio Bulkers from a hold rating to a sell rating in a report on Friday, July 28th. 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. Finally, ValuEngine cut Scorpio Bulkers from a hold rating to a sell rating in a report on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $9.50.

Shares of Scorpio Bulkers (SALT) opened at $7.65 on Wednesday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.54.

Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings data on Monday, October 23rd. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.01). Scorpio Bulkers had a negative net margin of 57.43% and a negative return on equity of 6.51%. The business had revenue of $38.60 million for the quarter, compared to analysts’ expectations of $40.04 million. During the same quarter in the previous year, the firm earned ($0.60) EPS. Scorpio Bulkers’s revenue was up 61.5% compared to the same quarter last year. equities analysts anticipate that Scorpio Bulkers will post -0.58 EPS for the current year.

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Scorpio Bulkers announced that its Board of Directors has authorized a stock buyback program on Wednesday, September 13th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the shipping company to purchase up to 10.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

The company also recently announced a special dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a $0.02 dividend. The ex-dividend date is Tuesday, November 14th.

Several hedge funds have recently modified their holdings of the business. Horseman Capital Management Ltd lifted its holdings in shares of Scorpio Bulkers by 35.7% in the 3rd quarter. Horseman Capital Management Ltd now owns 950,000 shares of the shipping company’s stock worth $6,698,000 after buying an additional 250,000 shares during the period. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Scorpio Bulkers by 59.6% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 83,471 shares of the shipping company’s stock worth $592,000 after buying an additional 31,162 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Scorpio Bulkers by 2.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock worth $326,000 after acquiring an additional 1,291 shares in the last quarter. State Street Corp raised its position in shares of Scorpio Bulkers by 10.5% in the 2nd quarter. State Street Corp now owns 924,007 shares of the shipping company’s stock worth $6,558,000 after acquiring an additional 88,156 shares in the last quarter. Finally, Kazazian Asset Management LLC raised its position in shares of Scorpio Bulkers by 19.9% in the 2nd quarter. Kazazian Asset Management LLC now owns 72,315 shares of the shipping company’s stock worth $513,000 after acquiring an additional 12,000 shares in the last quarter. Institutional investors and hedge funds own 44.28% 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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Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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