Scorpio Bulkers (NYSE:SALT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, December 27th. The firm presently has a $8.25 price objective on the shipping company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.49% from the company’s current price.
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. “
Several other equities analysts have also commented on SALT. ValuEngine lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. BidaskClub lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Stifel Nicolaus reiterated a “hold” rating and set a $9.00 target price on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Finally, Jefferies Group assumed coverage on shares of Scorpio Bulkers in a report on Monday, December 18th. They set a “buy” rating and a $14.00 target price on the stock. 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 stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.88.
Shares of Scorpio Bulkers (SALT) opened at $7.40 on Wednesday. Scorpio Bulkers has a one year low of $5.70 and a one year high of $10.14. The stock has a market cap of $632.40, a PE ratio of -6.73 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 posted its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share for the quarter, missing the 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 firm had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $40.04 million. During the same period last year, the company earned ($0.60) EPS. The business’s quarterly revenue was up 61.5% on a year-over-year basis. equities analysts expect that Scorpio Bulkers will post -0.58 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings 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 acquiring an additional 508 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Scorpio Bulkers by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock valued at $326,000 after acquiring an additional 1,291 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Scorpio Bulkers by 1.9% in the second quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock valued at $872,000 after acquiring an additional 2,242 shares in the last quarter. Teachers Advisors LLC boosted its holdings in shares of Scorpio Bulkers by 2.4% in the second quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock valued at $750,000 after acquiring an additional 2,439 shares in the last quarter. Finally, Voya Investment Management LLC boosted its holdings in shares of Scorpio Bulkers by 27.2% in the second quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after acquiring an additional 5,493 shares in the last quarter. 40.31% of the stock is currently owned by institutional investors.
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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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