Zacks: Analysts Expect Scorpio Bulkers Inc. (SALT) Will Post Quarterly Sales of $49.37 Million
Analysts predict that Scorpio Bulkers Inc. (NYSE:SALT) will report $49.37 million in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Scorpio Bulkers’ earnings, with estimates ranging from $46.21 million to $52.01 million. Scorpio Bulkers reported sales of $26.82 million in the same quarter last year, which indicates a positive year over year growth rate of 84.1%. The business is scheduled to issue its next earnings results on Monday, February 5th.
On average, analysts expect that Scorpio Bulkers will report full year sales of $49.37 million for the current year, with estimates ranging from $157.07 million to $166.84 million. For the next fiscal year, analysts expect that the firm will report sales of $219.08 million per share, with estimates ranging from $173.00 million to $273.54 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last announced its earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $38.60 million for the quarter, compared to analyst estimates of $40.04 million. During the same quarter last year, the business posted ($0.60) EPS. The firm’s revenue was up 61.5% compared to the same quarter last year.
A number of brokerages recently issued reports on SALT. BidaskClub lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Saturday. Zacks Investment Research lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $14.00 price target on shares of Scorpio Bulkers in a report on Thursday, August 3rd. Stifel Nicolaus reiterated a “hold” rating and issued a $8.00 price target on shares of Scorpio Bulkers in a report on Tuesday, July 25th. Finally, ValuEngine lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Three 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. Scorpio Bulkers presently has an average rating of “Hold” and a consensus target price of $9.50.
Shares of Scorpio Bulkers (SALT) opened at $7.40 on Friday. Scorpio Bulkers has a 1 year low of $4.05 and a 1 year high of $10.14. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.54.
The business also recently declared 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 of this dividend is Tuesday, November 14th.
Scorpio Bulkers declared that its Board of Directors has authorized a share buyback plan on Wednesday, September 13th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to buy up to 10.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in SALT. Bank of New York Mellon Corp boosted its holdings in shares of Scorpio Bulkers by 22.3% in the 1st 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 during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Scorpio Bulkers by 101.0% in the 1st quarter. JPMorgan Chase & Co. now owns 104,782 shares of the shipping company’s stock valued at $964,000 after acquiring an additional 52,655 shares during the period. American International Group Inc. raised its stake in shares of Scorpio Bulkers by 53.8% in the 1st quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock valued at $311,000 after acquiring an additional 11,819 shares during the period. Wellington Management Group LLP raised its stake in shares of Scorpio Bulkers by 1,043.7% in the 1st quarter. Wellington Management Group LLP now owns 206,223 shares of the shipping company’s stock valued at $1,897,000 after acquiring an additional 188,192 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Scorpio Bulkers by 17.9% in the 1st quarter. Renaissance Technologies LLC now owns 1,163,475 shares of the shipping company’s stock valued at $10,704,000 after acquiring an additional 176,666 shares during the period. Institutional investors own 44.19% of the company’s stock.
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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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