Scorpio Bulkers (NYSE:SALT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
Other equities research analysts also recently issued reports about the company. BidaskClub downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Jefferies Group began coverage on Scorpio Bulkers in a research report on Monday, December 18th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $9.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $9.88.
Scorpio Bulkers (NYSE:SALT) opened at $7.75 on Wednesday. Scorpio Bulkers has a 52-week low of $5.70 and a 52-week high of $10.14. The company has a market capitalization of $675.13, a PE ratio of -7.05 and a beta of 3.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.20 and a quick ratio of 2.20.
Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings data on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). Scorpio Bulkers had a negative net margin of 27.65% and a negative return on equity of 4.69%. The business had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $40.04 million. During the same quarter in the previous year, the firm earned ($0.60) earnings per share. Scorpio Bulkers’s revenue was up 61.5% on a year-over-year basis. sell-side analysts predict that Scorpio Bulkers will post -0.58 EPS for the current fiscal year.
Scorpio Bulkers announced that its Board of Directors has initiated a share repurchase plan on Wednesday, September 13th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the shipping company to purchase up to 10.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently modified their holdings of the business. Capital Fund Management S.A. purchased a new stake in Scorpio Bulkers during the second quarter valued at approximately $134,000. GSA Capital Partners LLP purchased a new stake in Scorpio Bulkers during the second quarter valued at approximately $138,000. Voya Investment Management LLC raised its position in Scorpio Bulkers by 27.2% during the second quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after purchasing an additional 5,493 shares during the period. Marshall Wace North America L.P. purchased a new stake in Scorpio Bulkers during the second quarter valued at approximately $245,000. Finally, Alliancebernstein L.P. raised its position in Scorpio Bulkers by 315.0% during the second quarter. Alliancebernstein L.P. now owns 44,400 shares of the shipping company’s stock valued at $315,000 after purchasing an additional 33,700 shares during the period. Institutional investors and hedge funds 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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