Brokerages expect Scorpio Bulkers Inc (NYSE:SALT) to announce sales of $61.12 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Scorpio Bulkers’ earnings, with the lowest sales estimate coming in at $58.88 million and the highest estimate coming in at $63.00 million. Scorpio Bulkers posted sales of $62.38 million in the same quarter last year, which would indicate a negative year over year growth rate of 2%. The company is expected to issue its next quarterly earnings report on Monday, October 28th.
According to Zacks, analysts expect that Scorpio Bulkers will report full-year sales of $230.41 million for the current fiscal year, with estimates ranging from $224.33 million to $243.78 million. For the next fiscal year, analysts forecast that the firm will report sales of $287.07 million, with estimates ranging from $257.78 million to $309.32 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, July 22nd. The shipping company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.03. Scorpio Bulkers had a negative return on equity of 0.31% and a net margin of 10.47%. The company had revenue of $49.10 million for the quarter, compared to the consensus estimate of $48.00 million. During the same quarter last year, the business posted $0.01 EPS. Scorpio Bulkers’s quarterly revenue was down 19.0% compared to the same quarter last year.
A number of research firms have commented on SALT. ValuEngine cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday, April 30th. Noble Financial restated a “buy” rating and set a $8.50 target price on shares of Scorpio Bulkers in a research note on Wednesday, July 24th. Zacks Investment Research lowered shares of Scorpio Bulkers from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, BTIG Research upped their price target on Scorpio Bulkers to $9.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $8.21.
A number of large investors have recently bought and sold shares of SALT. D. E. Shaw & Co. Inc. bought a new position in shares of Scorpio Bulkers during the second quarter worth approximately $60,000. Cubist Systematic Strategies LLC bought a new position in shares of Scorpio Bulkers during the second quarter worth approximately $44,000. Vanguard Group Inc. increased its holdings in shares of Scorpio Bulkers by 7.3% during the second quarter. Vanguard Group Inc. now owns 198,814 shares of the shipping company’s stock worth $915,000 after purchasing an additional 13,478 shares during the period. A.R.T. Advisors LLC bought a new position in shares of Scorpio Bulkers during the second quarter worth approximately $124,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Scorpio Bulkers by 1,402.6% during the second quarter. Tower Research Capital LLC TRC now owns 16,529 shares of the shipping company’s stock worth $76,000 after purchasing an additional 15,429 shares during the period. 36.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Scorpio Bulkers stock traded down $0.33 during trading on Friday, hitting $5.72. The company’s stock had a trading volume of 306,233 shares, compared to its average volume of 322,552. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.00 and a current ratio of 1.00. The company has a fifty day simple moving average of $5.89 and a two-hundred day simple moving average of $4.81. The company has a market capitalization of $438.55 million, a PE ratio of -190.67 and a beta of 2.32. Scorpio Bulkers has a 52 week low of $3.57 and a 52 week high of $7.46.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 15th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Wednesday, August 14th. Scorpio Bulkers’s payout ratio is -266.67%.
About Scorpio Bulkers
Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers worldwide. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers. The company owns and operates 55 vessels, including 54 wholly-owned or finance leased drybulk vessels comprising 17 Kamsarmax vessels and 37 Ultramax vessels; and 1 time chartered-in Ultramax vessel.
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