Scorpio Bulkers (SALT) Shares Down 6.9%

Scorpio Bulkers Inc (NYSE:SALT) shares fell 6.9% during trading on Wednesday . The stock traded as low as $6.12 and last traded at $6.20. 1,253,222 shares traded hands during trading, an increase of 161% from the average session volume of 480,887 shares. The stock had previously closed at $6.66.

Several research firms have issued reports on SALT. B. Riley began coverage on shares of Scorpio Bulkers in a research report on Thursday, October 4th. They set a “buy” rating and a $9.50 price target on the stock. Zacks Investment Research raised shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.00 price target on the stock in a research report on Thursday, July 5th. Jefferies Financial Group set a $12.00 price target on shares of Scorpio Bulkers and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Noble Financial reaffirmed a “buy” rating on shares of Scorpio Bulkers in a research report on Friday, October 12th. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $13.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, July 31st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. Scorpio Bulkers has an average rating of “Hold” and a consensus price target of $9.75.

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $550.71 million, a PE ratio of -10.97 and a beta of 3.02.

Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings results on Monday, July 23rd. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). Scorpio Bulkers had a negative return on equity of 1.84% and a negative net margin of 8.17%. The firm had revenue of $60.61 million for the quarter, compared to the consensus estimate of $61.68 million. During the same period last year, the company posted ($0.19) earnings per share. The business’s revenue was up 60.6% compared to the same quarter last year. As a group, equities analysts predict that Scorpio Bulkers Inc will post 0.12 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of SALT. Wells Fargo & Company MN raised its position in shares of Scorpio Bulkers by 221.1% in the first quarter. Wells Fargo & Company MN now owns 118,875 shares of the shipping company’s stock valued at $838,000 after purchasing an additional 81,857 shares during the period. California Public Employees Retirement System raised its position in shares of Scorpio Bulkers by 365.3% in the first quarter. California Public Employees Retirement System now owns 191,058 shares of the shipping company’s stock valued at $1,347,000 after purchasing an additional 150,000 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Scorpio Bulkers by 71.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,659,693 shares of the shipping company’s stock valued at $11,701,000 after purchasing an additional 693,269 shares during the period. UBS Group AG raised its position in shares of Scorpio Bulkers by 202.5% in the first quarter. UBS Group AG now owns 129,365 shares of the shipping company’s stock valued at $912,000 after purchasing an additional 86,593 shares during the period. Finally, A.R.T. Advisors LLC raised its position in shares of Scorpio Bulkers by 99.2% in the first quarter. A.R.T. Advisors LLC now owns 97,648 shares of the shipping company’s stock valued at $688,000 after purchasing an additional 48,617 shares during the period. 38.59% of the stock is currently owned by institutional investors.

About Scorpio Bulkers (NYSE:SALT)

Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.

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