Scorpio Bulkers Inc. (SALT) Stock Rating Lowered by BidaskClub
BidaskClub lowered shares of Scorpio Bulkers Inc. (NYSE:SALT) from a hold rating to a sell rating in a report published on Saturday morning.
Several other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Scorpio Bulkers from a buy rating to a hold rating in a report on Wednesday, November 1st. Stifel Nicolaus reaffirmed a hold rating and set a $9.00 price target on shares of Scorpio Bulkers in a report on Tuesday, October 24th. ValuEngine downgraded Scorpio Bulkers from a hold rating to a sell rating in a report on Thursday, September 7th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $14.00 price target on shares of Scorpio Bulkers in a report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Scorpio Bulkers has a consensus rating of Hold and a consensus price target of $9.50.
Shares of Scorpio Bulkers (SALT) opened at $7.20 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.20 and a current ratio of 2.20. Scorpio Bulkers has a fifty-two week low of $4.50 and a fifty-two week high of $10.14.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The company had revenue of $38.60 million for the quarter, compared to analyst estimates of $40.04 million. During the same period in the prior year, the business earned ($0.60) earnings per share. Scorpio Bulkers’s revenue for the quarter was up 61.5% compared to the same quarter last year. research analysts predict that Scorpio Bulkers will post -0.58 earnings per share for the current fiscal year.
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Scorpio Bulkers announced that its board has approved a share repurchase plan on Wednesday, September 13th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the shipping company to buy up to 10.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a special dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a $0.02 dividend. The ex-dividend date is Tuesday, November 14th.
A number of institutional investors have recently added to or reduced their stakes in SALT. Evermore Global Advisors LLC lifted its holdings in 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 acquiring an additional 1,556,498 shares during the period. Hourglass Capital LLC acquired a new stake in Scorpio Bulkers in the second quarter valued at $5,233,000. Horseman Capital Management Ltd lifted its holdings in Scorpio Bulkers by 35.7% in the third quarter. Horseman Capital Management Ltd now owns 950,000 shares of the shipping company’s stock valued at $6,698,000 after acquiring an additional 250,000 shares during the period. Dimensional Fund Advisors LP acquired a new stake in Scorpio Bulkers in the third quarter valued at $1,708,000. Finally, Citadel Advisors LLC lifted its holdings in Scorpio Bulkers by 234.4% in the second quarter. Citadel Advisors LLC now owns 304,153 shares of the shipping company’s stock valued at $2,159,000 after acquiring an additional 213,186 shares during the period. 44.23% of the stock is 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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