Scorpio Bulkers Inc. (SALT) Given Average Rating of “Hold” by Analysts
Scorpio Bulkers Inc. (NYSE:SALT) has earned an average recommendation of “Hold” from the nine brokerages that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $9.54.
SALT has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Jefferies Group LLC restated a “buy” rating and set a $14.00 target price on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. BidaskClub lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Stifel Nicolaus restated a “hold” rating and set a $8.50 target price on shares of Scorpio Bulkers in a research report on Wednesday, July 19th. Finally, Credit Suisse Group restated an “outperform” rating and set a $10.00 target price on shares of Scorpio Bulkers in a research report on Sunday, April 23rd.
Shares of Scorpio Bulkers (NYSE:SALT) traded up 1.39% on Friday, reaching $7.30. 170,563 shares of the company were exchanged. The company’s market capitalization is $524.17 million. Scorpio Bulkers has a 52-week low of $3.03 and a 52-week high of $10.14. The stock has a 50 day moving average of $7.19 and a 200-day moving average of $7.38.
Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.18) by $0.01. Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The company had revenue of $37.70 million for the quarter, compared to analyst estimates of $38.78 million. During the same quarter in the previous year, the company posted ($0.48) earnings per share. The company’s quarterly revenue was up 116.7% compared to the same quarter last year. On average, analysts predict that Scorpio Bulkers will post ($0.70) EPS for the current fiscal year.
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Several hedge funds have recently made changes to their positions in SALT. Evermore Global Advisors LLC increased its stake in shares of Scorpio Bulkers by 32.3% in the second quarter. Evermore Global Advisors LLC now owns 6,370,207 shares of the shipping company’s stock valued at $45,228,000 after buying an additional 1,556,498 shares during the period. Renaissance Technologies LLC increased its stake in shares of Scorpio Bulkers by 17.9% in the first quarter. Renaissance Technologies LLC now owns 1,163,475 shares of the shipping company’s stock valued at $10,704,000 after buying an additional 176,666 shares during the period. Royce & Associates LP increased its stake in shares of Scorpio Bulkers by 6.0% in the second quarter. Royce & Associates LP now owns 967,873 shares of the shipping company’s stock valued at $6,872,000 after buying an additional 55,000 shares during the period. Hosking Partners LLP increased its stake in shares of Scorpio Bulkers by 1.6% in the second quarter. Hosking Partners LLP now owns 913,509 shares of the shipping company’s stock valued at $6,486,000 after buying an additional 14,812 shares during the period. Finally, State Street Corp increased its stake in shares of Scorpio Bulkers by 50.6% in the fourth quarter. State Street Corp now owns 793,782 shares of the shipping company’s stock valued at $4,009,000 after buying an additional 266,870 shares during the period. 48.01% of the stock is currently owned by institutional investors.
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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