New York State Common Retirement Fund Trims Holdings in Scorpio Bulkers Inc. (SALT)

New York State Common Retirement Fund trimmed its stake in Scorpio Bulkers Inc. (NYSE:SALT) by 0.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,900 shares of the shipping company’s stock after selling 1 shares during the quarter. New York State Common Retirement Fund owned about 0.08% of Scorpio Bulkers worth $404,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SALT. Bank of New York Mellon Corp grew its holdings in shares of Scorpio Bulkers by 22.3% during the first quarter. Bank of New York Mellon Corp now owns 197,669 shares of the shipping company’s stock valued at $1,818,000 after buying an additional 36,094 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Scorpio Bulkers by 101.0% during the first quarter. JPMorgan Chase & Co. now owns 104,782 shares of the shipping company’s stock valued at $964,000 after buying an additional 52,655 shares during the last quarter. American International Group Inc. grew its holdings in shares of Scorpio Bulkers by 53.8% during the first quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock valued at $311,000 after buying an additional 11,819 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Scorpio Bulkers by 17.9% during the first quarter. Renaissance Technologies LLC now owns 1,163,475 shares of the shipping company’s stock valued at $10,704,000 after buying an additional 176,666 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Scorpio Bulkers by 42.9% during the first quarter. Goldman Sachs Group Inc. now owns 103,362 shares of the shipping company’s stock valued at $951,000 after buying an additional 31,046 shares during the last quarter. Institutional investors and hedge funds own 44.23% of the company’s stock.

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A number of brokerages have recently issued reports on SALT. Stifel Nicolaus reiterated a “hold” rating and set a $9.00 price objective on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Zacks Investment Research cut shares of Scorpio Bulkers from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. BidaskClub upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. ValuEngine cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $14.00 price objective 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 issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $9.50.

Scorpio Bulkers Inc. (NYSE SALT) opened at $7.10 on Thursday. Scorpio Bulkers Inc. has a twelve month low of $4.50 and a twelve month high of $10.14. 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 (NYSE:SALT) last released its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share for the quarter, missing the 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 analysts’ expectations of $40.04 million. During the same quarter last year, the firm posted ($0.60) earnings per share. The firm’s revenue for the quarter was up 61.5% compared to the same quarter last year. equities research analysts forecast that Scorpio Bulkers Inc. will post -0.58 earnings per share for the current year.

The company also recently declared a special dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is presently -1.80%.

Scorpio Bulkers announced that its Board of Directors has approved a stock repurchase program on Wednesday, September 13th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to reacquire up to 10.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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.

Institutional Ownership by Quarter for Scorpio Bulkers (NYSE:SALT)

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