Scorpio Bulkers Inc (NYSE:SALT) – Equities researchers at Jefferies Group issued their FY2017 EPS estimates for shares of Scorpio Bulkers in a research note issued on Monday, according to Zacks Investment Research. Jefferies Group analyst R. Giveans forecasts that the shipping company will earn ($0.64) per share for the year. Jefferies Group has a “Buy” rating and a $14.00 price target on the stock. Jefferies Group also issued estimates for Scorpio Bulkers’ Q4 2017 earnings at ($0.08) EPS and FY2018 earnings at ($0.04) EPS.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings data on Monday, October 23rd. The shipping company reported ($0.15) earnings per share (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 analyst estimates of $40.04 million. During the same quarter in the prior year, the firm posted ($0.60) earnings per share. Scorpio Bulkers’s revenue for the quarter was up 61.5% compared to the same quarter last year.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research cut Scorpio Bulkers from a “buy” rating to a “hold” rating in a research note on Wednesday. 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 target price on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Scorpio Bulkers currently has a consensus rating of “Hold” and an average price target of $9.88.
Shares of Scorpio Bulkers (SALT) traded down $0.20 during trading on Wednesday, hitting $7.40. The stock had a trading volume of 384,886 shares, compared to its average volume of 450,061. Scorpio Bulkers has a one year low of $5.70 and a one year high of $10.14. The company has a market cap of $632.40, a PE ratio of -6.73 and a beta of 3.56. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.54.
Institutional investors have recently made changes to their positions in the business. Capital Fund Management S.A. purchased a new position in shares of Scorpio Bulkers during the second quarter valued at approximately $134,000. GSA Capital Partners LLP bought a new stake in Scorpio Bulkers during the second quarter worth $138,000. Voya Investment Management LLC lifted its holdings 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 worth $182,000 after acquiring an additional 5,493 shares during the period. Marshall Wace North America L.P. bought a new stake in shares of Scorpio Bulkers in the second quarter valued at $245,000. Finally, Alliancebernstein L.P. raised 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 during the period. 40.31% of the stock is owned by hedge funds and other institutional investors.
The company also recently disclosed a special dividend, which was paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th were paid a $0.02 dividend. The ex-dividend date was Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is presently -1.82%.
Scorpio Bulkers announced that its Board of Directors has initiated a stock buyback plan on Wednesday, September 13th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the shipping company to purchase up to 10.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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About Scorpio Bulkers
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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