Evermore Global Advisors LLC Sells 158,910 Shares of Scorpio Bulkers Inc (SALT)
Evermore Global Advisors LLC lessened its holdings in shares of Scorpio Bulkers Inc (NYSE:SALT) by 2.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,502,129 shares of the shipping company’s stock after selling 158,910 shares during the period. Scorpio Bulkers makes up 14.7% of Evermore Global Advisors LLC’s portfolio, making the stock its biggest position. Evermore Global Advisors LLC owned approximately 8.56% of Scorpio Bulkers worth $46,165,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Two Sigma Investments LP acquired a new stake in Scorpio Bulkers in the 4th quarter valued at approximately $113,000. Engineers Gate Manager LP acquired a new stake in Scorpio Bulkers in the 1st quarter valued at approximately $140,000. Acorn Advisory Capital L.P. acquired a new stake in Scorpio Bulkers in the 1st quarter valued at approximately $259,000. Campbell & CO Investment Adviser LLC acquired a new stake in Scorpio Bulkers in the 2nd quarter valued at approximately $327,000. Finally, Royal Bank of Canada raised its position in Scorpio Bulkers by 1,579.1% in the 1st quarter. Royal Bank of Canada now owns 71,363 shares of the shipping company’s stock valued at $503,000 after buying an additional 67,113 shares during the last quarter. Institutional investors and hedge funds own 38.69% of the company’s stock.
SALT has been the topic of a number of recent research reports. Stifel Nicolaus raised Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a research report on Monday, April 23rd. Zacks Investment Research lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Saturday, April 21st. Seaport Global Securities reaffirmed a “buy” rating and set a $13.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, July 31st. Morgan Stanley lowered their price target on Scorpio Bulkers from $9.00 to $8.50 and set an “equal weight” rating on the stock in a research report on Tuesday, April 17th. Finally, Jefferies Financial Group set a $12.00 price target on Scorpio Bulkers and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Scorpio Bulkers currently has an average rating of “Hold” and an average price target of $10.08.
Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings results on Monday, July 23rd. The shipping company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). The company had revenue of $60.61 million for the quarter, compared to analyst estimates of $61.68 million. Scorpio Bulkers had a negative return on equity of 1.84% and a negative net margin of 8.17%. The firm’s revenue for the quarter was up 60.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.19) EPS. research analysts forecast that Scorpio Bulkers Inc will post 0.12 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Wednesday, August 15th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Tuesday, August 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is -14.04%.
Scorpio Bulkers Profile
Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.
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