Scorpio Bulkers (SALT) Lowered to “Neutral” at JPMorgan Chase & Co.

Scorpio Bulkers (NYSE:SALT) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $8.00 price objective on the shipping company’s stock. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 28.00% from the stock’s previous close.

Several other analysts have also commented on the stock. ValuEngine lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Noble Financial restated a “buy” rating on shares of Scorpio Bulkers in a report on Friday, October 12th. B. Riley assumed coverage on shares of Scorpio Bulkers in a report on Thursday, October 4th. They issued a “buy” rating and a $9.50 price objective for the company. Seaport Global Securities restated a “buy” rating and issued a $13.00 price objective on shares of Scorpio Bulkers in a report on Tuesday, July 31st. Finally, Zacks Investment Research lowered shares of Scorpio Bulkers from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $9.75.

Shares of SALT opened at $6.25 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.71. Scorpio Bulkers has a one year low of $6.12 and a one year high of $8.85. The stock has a market capitalization of $470.95 million, a price-to-earnings ratio of -10.96 and a beta of 3.02.

Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings data on Monday, July 23rd. The shipping company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). Scorpio Bulkers had a negative return on equity of 1.84% and a negative net margin of 8.17%. The company had revenue of $60.61 million during the quarter, compared to analysts’ expectations of $61.68 million. During the same quarter last year, the business earned ($0.19) earnings per share. The business’s quarterly revenue was up 60.6% on a year-over-year basis. Sell-side analysts predict that Scorpio Bulkers will post 0.11 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new position in shares of Scorpio Bulkers during the second quarter valued at approximately $962,000. Trexquant Investment LP purchased a new position in shares of Scorpio Bulkers during the second quarter valued at approximately $226,000. Royal Bank of Canada lifted its holdings in shares of Scorpio Bulkers by 1,579.1% during the first quarter. Royal Bank of Canada now owns 71,363 shares of the shipping company’s stock valued at $503,000 after purchasing an additional 67,113 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Scorpio Bulkers by 71.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,659,693 shares of the shipping company’s stock valued at $11,701,000 after purchasing an additional 693,269 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Scorpio Bulkers by 65.9% during the second quarter. Renaissance Technologies LLC now owns 1,494,252 shares of the shipping company’s stock valued at $10,609,000 after purchasing an additional 593,760 shares during the last quarter. Hedge funds and other institutional investors own 38.59% of the company’s stock.

About Scorpio Bulkers

Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.

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Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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