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 to clients and investors on Saturday.
Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus restated a “hold” rating and issued a $9.00 target price on shares of Scorpio Bulkers in a research note on Tuesday, October 24th. Zacks Investment Research downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. ValuEngine downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $14.00 target price on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Scorpio Bulkers presently has a consensus rating of “Hold” and a consensus target price of $9.50.
Scorpio Bulkers (SALT) opened at $7.40 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 one year low of $4.05 and a one year high of $10.14.
Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings data 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 net margin of 57.43% and a negative return on equity of 6.51%. The business had revenue of $38.60 million for the quarter, compared to the consensus estimate of $40.04 million. During the same quarter in the prior year, the business posted ($0.60) earnings per share. Scorpio Bulkers’s revenue for the quarter was up 61.5% on a year-over-year basis. equities analysts forecast that Scorpio Bulkers will post -0.58 earnings per share for the current year.
Scorpio Bulkers announced that its board has approved a stock buyback program on Wednesday, September 13th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the shipping company to purchase up to 10.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
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Several large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Scorpio Bulkers by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock worth $1,408,000 after buying an additional 508 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Scorpio Bulkers by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock worth $326,000 after buying an additional 1,291 shares during the period. Vanguard Group Inc. lifted its stake in shares of Scorpio Bulkers by 1.9% during the second quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock worth $872,000 after buying an additional 2,242 shares during the period. Teachers Advisors LLC lifted its stake in shares of Scorpio Bulkers by 2.4% during the second quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock worth $750,000 after buying an additional 2,439 shares during the period. Finally, Phoenix Investment Adviser LLC lifted its stake in shares of Scorpio Bulkers by 2.2% during the second quarter. Phoenix Investment Adviser LLC now owns 139,500 shares of the shipping company’s stock worth $990,000 after buying an additional 3,000 shares during the period. Institutional investors and hedge funds own 44.19% 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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