Scorpio Bulkers (NYSE:SALT) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Scorpio Bulkers (NYSE:SALT) from a buy rating to a hold rating in a report issued on Wednesday, January 10th.

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 research firms have also recently issued reports on SALT. BidaskClub upgraded shares of Scorpio Bulkers from a sell rating to a hold rating in a research note on Thursday, September 21st. Stifel Nicolaus reiterated a hold rating and issued a $9.00 target price on shares of Scorpio Bulkers in a research note on Tuesday, October 24th. Finally, Jefferies Group started coverage on shares of Scorpio Bulkers in a research note on Monday, December 18th. They issued a buy rating and a $14.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Scorpio Bulkers currently has a consensus rating of Hold and a consensus target price of $9.89.

Shares of Scorpio Bulkers (SALT) opened at $7.70 on Wednesday. The company has a market cap of $592.36, a P/E ratio of -6.94 and a beta of 3.57. 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 52 week low of $5.70 and a 52 week high of $10.14.

Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.01). The business had revenue of $38.60 million for the quarter, compared to analysts’ expectations of $40.04 million. Scorpio Bulkers had a negative net margin of 57.43% and a negative return on equity of 6.51%. The business’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.60) earnings per share. research analysts predict that Scorpio Bulkers will post -0.58 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its position in shares of Scorpio Bulkers by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock valued at $1,408,000 after buying an additional 508 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Scorpio Bulkers by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock valued at $326,000 after buying an additional 1,291 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Scorpio Bulkers by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock valued at $872,000 after buying an additional 2,242 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Scorpio Bulkers by 2.4% during the 2nd quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock valued at $750,000 after buying an additional 2,439 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in shares of Scorpio Bulkers by 27.2% during the 2nd quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after buying an additional 5,493 shares in the last quarter. Hedge funds and other institutional investors 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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