Scorpio Bulkers Inc. (NYSE:SALT)‘s stock had its “hold” rating reiterated by equities researchers at Stifel Nicolaus in a report issued on Tuesday, October 24th. They currently have a $9.00 price target on the shipping company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 21.62% from the stock’s current price.
SALT has been the subject of several other reports. BidaskClub raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. ValuEngine cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Zacks Investment Research raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Scorpio Bulkers has an average rating of “Hold” and an average price target of $9.50.
Scorpio Bulkers (NYSE SALT) opened at $7.40 on Tuesday. 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 has a 12-month low of $4.05 and a 12-month high of $10.14.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). The business had revenue of $38.60 million during the quarter, compared to analyst estimates of $40.04 million. Scorpio Bulkers had a negative net margin of 57.43% and a negative return on equity of 6.51%. The company’s revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.60) earnings per share. sell-side analysts anticipate that Scorpio Bulkers will post -0.58 earnings per share for the current fiscal year.
Scorpio Bulkers announced that its board has authorized a stock repurchase program on Wednesday, September 13th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the shipping company to buy up to 10.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in SALT. Capital Fund Management S.A. bought a new position in Scorpio Bulkers in the 2nd quarter worth about $134,000. GSA Capital Partners LLP bought a new position in Scorpio Bulkers in the 2nd quarter worth about $138,000. Voya Investment Management LLC grew its position in Scorpio Bulkers by 27.2% in the 2nd quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock worth $182,000 after purchasing an additional 5,493 shares during the last quarter. Marshall Wace North America L.P. bought a new position in Scorpio Bulkers in the 2nd quarter worth about $245,000. Finally, American International Group Inc. grew its position in Scorpio Bulkers by 53.8% in the 1st quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock worth $311,000 after purchasing an additional 11,819 shares during the last quarter. Hedge funds and other institutional investors own 44.19% 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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