Raging Capital Management LLC boosted its holdings in Scorpio Bulkers Inc (NYSE:SALT) by 9.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,538,399 shares of the shipping company’s stock after buying an additional 308,139 shares during the period. Scorpio Bulkers makes up about 3.6% of Raging Capital Management LLC’s investment portfolio, making the stock its 11th largest position. Raging Capital Management LLC owned about 4.59% of Scorpio Bulkers worth $26,184,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp increased its position in Scorpio Bulkers by 5.5% in the 2nd quarter. Northern Trust Corp now owns 532,847 shares of the shipping company’s stock worth $3,783,000 after buying an additional 27,871 shares during the period. Evermore Global Advisors LLC increased its position in Scorpio Bulkers by 6.1% in the 4th quarter. Evermore Global Advisors LLC now owns 6,324,477 shares of the shipping company’s stock worth $46,801,000 after buying an additional 366,181 shares during the period. Royce & Associates LP increased its position in Scorpio Bulkers by 23.0% in the 4th quarter. Royce & Associates LP now owns 1,355,978 shares of the shipping company’s stock worth $10,034,000 after buying an additional 254,000 shares during the period. Hosking Partners LLP increased its position in Scorpio Bulkers by 7.8% in the 4th quarter. Hosking Partners LLP now owns 986,863 shares of the shipping company’s stock worth $7,303,000 after buying an additional 71,203 shares during the period. Finally, Malaga Cove Capital LLC bought a new position in Scorpio Bulkers in the 4th quarter worth approximately $299,000. 37.07% of the stock is currently owned by institutional investors.
SALT has been the topic of several recent analyst reports. Jefferies Group initiated coverage on Scorpio Bulkers in a research report on Monday, December 18th. They issued a “buy” rating and a $14.00 price target on the stock. Noble Financial initiated coverage on Scorpio Bulkers in a research report on Friday, January 12th. They issued a “buy” rating and a $10.00 price target on the stock. Zacks Investment Research raised Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $9.25 price target on the stock in a research report on Thursday, January 25th. Morgan Stanley lowered their price objective on Scorpio Bulkers from $10.50 to $9.00 and set an “equal weight” rating on the stock in a research report on Monday, February 12th. Finally, ValuEngine cut Scorpio Bulkers from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $10.21.
Scorpio Bulkers Inc (SALT) traded down $0.10 on Thursday, hitting $7.35. The stock had a trading volume of 609,977 shares, compared to its average volume of 599,439. The company has a market capitalization of $574.70, a PE ratio of -8.98 and a beta of 3.18. The company has a current ratio of 1.41, a quick ratio of 1.35 and a debt-to-equity ratio of 0.73. Scorpio Bulkers Inc has a 1-year low of $5.70 and a 1-year high of $10.14.
Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings data on Monday, February 5th. The shipping company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $51.13 million for the quarter, compared to analysts’ expectations of $49.34 million. Scorpio Bulkers had a negative return on equity of 4.45% and a negative net margin of 36.82%. Scorpio Bulkers’s quarterly revenue was up 90.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) earnings per share. analysts anticipate that Scorpio Bulkers Inc will post 0.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, February 15th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Wednesday, February 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is -4.82%.
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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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