Scorpio Bulkers Inc (SALT) Receives Average Recommendation of “Hold” from Brokerages
Shares of Scorpio Bulkers Inc (NYSE:SALT) have been assigned a consensus recommendation of “Hold” from the ten ratings firms that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $9.71.
A number of research firms have weighed in on SALT. Stifel Nicolaus restated a “hold” rating and issued a $9.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Zacks Investment Research downgraded Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. BidaskClub upgraded Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Finally, ValuEngine downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th.
A number of large investors have recently made changes to their positions in SALT. Rhumbline Advisers raised its stake in Scorpio Bulkers by 16.4% during the 2nd quarter. Rhumbline Advisers now owns 68,488 shares of the shipping company’s stock valued at $486,000 after purchasing an additional 9,660 shares during the period. Bank of New York Mellon Corp raised its stake in Scorpio Bulkers by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock valued at $1,408,000 after purchasing an additional 508 shares during the period. Evermore Global Advisors LLC raised its stake in Scorpio Bulkers by 32.3% during the 2nd quarter. Evermore Global Advisors LLC now owns 6,370,207 shares of the shipping company’s stock valued at $45,228,000 after purchasing an additional 1,556,498 shares during the period. Marshall Wace North America L.P. acquired a new stake in Scorpio Bulkers during the 2nd quarter valued at $245,000. Finally, Hourglass Capital LLC acquired a new stake in Scorpio Bulkers during the 2nd quarter valued at $5,233,000. 40.42% of the stock is currently owned by institutional investors.
Shares of Scorpio Bulkers (SALT) opened at $7.20 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.20 and a quick ratio of 2.20. Scorpio Bulkers has a 52-week low of $4.50 and a 52-week high of $10.14.
Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The firm had revenue of $38.60 million during the quarter, compared to analyst estimates of $40.04 million. Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The business’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.60) earnings per share. equities analysts anticipate that Scorpio Bulkers will post -0.58 EPS for the current fiscal year.
Scorpio Bulkers announced that its Board of Directors has approved a share repurchase plan on Wednesday, September 13th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the shipping company to reacquire up to 10.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a special dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.02 per share. The ex-dividend date is Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is presently -1.80%.
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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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