Scorpio Bulkers Inc. (SALT) Cut to Sell at ValuEngine

ValuEngine cut shares of Scorpio Bulkers Inc. (NYSE:SALT) from a hold rating to a sell rating in a research note published on Thursday morning.

A number of other equities analysts also recently issued reports on SALT. Zacks Investment Research downgraded Scorpio Bulkers from a buy rating to a hold rating in a research report on Tuesday, May 30th. Stifel Nicolaus reiterated a hold rating and set a $8.50 price target on shares of Scorpio Bulkers in a research report on Wednesday, July 19th. BidaskClub downgraded Scorpio Bulkers from a hold rating to a sell rating in a research report on Friday, July 28th. Finally, Jefferies Group LLC reiterated a buy rating and set a $14.00 price target on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $9.75.

Scorpio Bulkers (NYSE:SALT) traded up 2.63% on Thursday, hitting $7.80. The stock had a trading volume of 680,527 shares. Scorpio Bulkers has a 12 month low of $3.25 and a 12 month high of $10.14. The company’s 50 day moving average is $7.62 and its 200-day moving average is $7.46. The stock’s market cap is $560.07 million.

Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Monday, July 24th. The shipping company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $38.78 million. During the same quarter in the previous year, the company earned ($0.48) EPS. The firm’s quarterly revenue was up 116.7% compared to the same quarter last year. Analysts forecast that Scorpio Bulkers will post ($0.70) EPS for the current year.

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Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in shares of Scorpio Bulkers by 0.3% in the second 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 last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Scorpio Bulkers by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock valued at $326,000 after purchasing an additional 1,291 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Scorpio Bulkers by 1.9% in the second quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock valued at $872,000 after purchasing an additional 2,242 shares during the last quarter. Teachers Advisors LLC increased its holdings in shares of Scorpio Bulkers by 2.4% in the second quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock valued at $750,000 after purchasing an additional 2,439 shares during the last quarter. Finally, Phoenix Investment Adviser LLC increased its holdings in shares of Scorpio Bulkers by 2.2% in the second quarter. Phoenix Investment Adviser LLC now owns 139,500 shares of the shipping company’s stock valued at $990,000 after purchasing an additional 3,000 shares during the last quarter. 43.98% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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