Scorpio Bulkers Inc (NYSE:SALT) shares rose 6.1% during mid-day trading on Friday . The company traded as high as $8.15 and last traded at $7.85. Approximately 1,409,843 shares traded hands during trading, an increase of 153% from the average daily volume of 556,738 shares. The stock had previously closed at $7.40.

SALT has been the subject of a number of analyst reports. Zacks Investment Research raised Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 price objective for the company in a report on Wednesday, December 27th. Jefferies Group initiated coverage on Scorpio Bulkers in a report on Monday, December 18th. They set a “buy” rating and a $14.00 price objective for the company. Noble Financial initiated coverage on Scorpio Bulkers in a report on Friday. They set a “buy” rating and a $10.00 price objective for the company. BidaskClub raised Scorpio Bulkers from a “sell” rating to a “hold” rating in a report on Thursday, September 21st. Finally, Stifel Nicolaus reissued a “hold” rating and set a $9.00 price objective on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.89.

The firm has a market capitalization of $670.86, a price-to-earnings ratio of -7.14 and a beta of 3.56. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.20 and a current ratio of 2.20.

Scorpio Bulkers (NYSE:SALT) last announced its earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share 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 during the quarter, compared to analyst estimates of $40.04 million. During the same quarter last year, the business posted ($0.60) earnings per share. The business’s quarterly revenue was up 61.5% compared to the same quarter last year. equities research analysts anticipate that Scorpio Bulkers Inc will post -0.58 EPS for the current fiscal year.

The firm also recently announced a special dividend, which was paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th were paid a $0.02 dividend. The ex-dividend date of this dividend was Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is presently -1.82%.

Several large investors have recently made changes to their positions in SALT. Rhumbline Advisers increased its stake in shares of Scorpio Bulkers by 16.4% in the second quarter. Rhumbline Advisers now owns 68,488 shares of the shipping company’s stock valued at $486,000 after buying an additional 9,660 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Scorpio Bulkers by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock valued at $1,408,000 after buying an additional 508 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Scorpio Bulkers in the second quarter valued at $245,000. Wells Fargo & Company MN increased its stake in shares of Scorpio Bulkers by 26.6% in the second quarter. Wells Fargo & Company MN now owns 55,957 shares of the shipping company’s stock valued at $398,000 after buying an additional 11,750 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Scorpio Bulkers by 315.0% in the second quarter. Alliancebernstein L.P. now owns 44,400 shares of the shipping company’s stock valued at $315,000 after buying an additional 33,700 shares in the last quarter. Institutional investors own 40.31% of the company’s stock.

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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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