Evermore Global Advisors LLC Boosts Stake in Scorpio Bulkers Inc. (SALT)
Evermore Global Advisors LLC increased its stake in Scorpio Bulkers Inc. (NYSE:SALT) by 32.3% during the second quarter, Holdings Channel reports. The institutional investor owned 6,370,207 shares of the shipping company’s stock after buying an additional 1,556,498 shares during the period. Scorpio Bulkers comprises approximately 20.3% of Evermore Global Advisors LLC’s holdings, making the stock its largest position. Evermore Global Advisors LLC owned about 0.08% of Scorpio Bulkers worth $45,228,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of SALT. Bank of New York Mellon Corp increased its stake 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 buying an additional 508 shares in the last quarter. Rhumbline Advisers increased its position in Scorpio Bulkers by 16.4% in the second quarter. Rhumbline Advisers now owns 68,488 shares of the shipping company’s stock worth $486,000 after buying an additional 9,660 shares during the period. American International Group Inc. increased its position in Scorpio Bulkers by 53.8% in the first quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock worth $311,000 after buying an additional 11,819 shares during the period. Geneva Advisors LLC acquired a new position in Scorpio Bulkers during the first quarter worth $182,000. Finally, Russell Investments Group Ltd. acquired a new position in Scorpio Bulkers during the fourth quarter worth $139,000. 50.84% of the stock is owned by institutional investors.
Shares of Scorpio Bulkers Inc. (SALT) opened at 7.50 on Wednesday. Scorpio Bulkers Inc. has a 52 week low of $3.03 and a 52 week high of $10.14. The firm’s market cap is $538.53 million. The firm has a 50-day moving average of $7.24 and a 200-day moving average of $7.39.
Scorpio Bulkers (NYSE:SALT) last posted its earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.01. The firm had revenue of $37.70 million during the quarter, compared to the consensus estimate of $38.78 million. Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The business’s revenue was up 116.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.48) EPS. On average, analysts expect that Scorpio Bulkers Inc. will post ($0.70) EPS for the current year.
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A number of research analysts recently weighed in on the stock. Stifel Nicolaus reaffirmed a “hold” rating and issued a $8.50 target price on shares of Scorpio Bulkers in a research report on Wednesday, July 19th. Zacks Investment Research downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. BidaskClub downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $10.00 target price on shares of Scorpio Bulkers in a research report on Sunday, April 23rd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $8.84.
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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