Scorpio Bulkers Inc. (SALT) Rating Lowered to Sell at BidaskClub
Scorpio Bulkers Inc. (NYSE:SALT) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
A number of other research analysts have also recently issued reports on SALT. Jefferies Group LLC reissued a “buy” rating and issued a $14.00 target price on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. ValuEngine lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Stifel Nicolaus restated a “hold” rating and issued a $8.00 price target on shares of Scorpio Bulkers in a report on Tuesday, July 25th. Finally, Zacks Investment Research lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $9.75.
Shares of Scorpio Bulkers (NYSE SALT) opened at 7.55 on Tuesday. The company has a 50-day moving average price of $7.63 and a 200 day moving average price of $7.45. The stock’s market capitalization is $542.12 million. Scorpio Bulkers has a 52 week low of $3.25 and a 52 week high of $10.14.
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 analysts’ consensus estimates of ($0.18) by $0.01. Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. The business had revenue of $37.70 million during the quarter, compared to analyst estimates of $38.78 million. During the same period in the previous year, the firm posted ($0.48) earnings per share. The firm’s revenue was up 116.7% on a year-over-year basis. Analysts forecast that Scorpio Bulkers will post ($0.68) earnings per share for the current fiscal year.
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Several institutional investors have recently modified their holdings of SALT. Teachers Advisors LLC lifted its holdings in shares of Scorpio Bulkers by 135.9% in the fourth quarter. Teachers Advisors LLC now owns 130,762 shares of the shipping company’s stock valued at $660,000 after purchasing an additional 75,323 shares in the last quarter. Boston Partners lifted its holdings in shares of Scorpio Bulkers by 287.4% in the first quarter. Boston Partners now owns 460,976 shares of the shipping company’s stock valued at $4,241,000 after purchasing an additional 341,986 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Scorpio Bulkers by 22.3% in the first quarter. Bank of New York Mellon Corp now owns 197,669 shares of the shipping company’s stock valued at $1,818,000 after purchasing an additional 36,094 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Scorpio Bulkers in the first quarter valued at about $1,035,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Scorpio Bulkers by 33.7% in the first quarter. Parametric Portfolio Associates LLC now owns 302,192 shares of the shipping company’s stock valued at $2,780,000 after purchasing an additional 76,190 shares in the last quarter. Institutional investors own 43.98% of the company’s stock.
Scorpio Bulkers Company Profile
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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