Scorpio Bulkers Inc (NYSE:SALT) has been given an average rating of “Hold” by the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $9.88.
A number of research firms have recently issued reports on SALT. BidaskClub upgraded Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Jefferies Group began coverage on Scorpio Bulkers in a research report on Monday, December 18th. They set a “buy” rating and a $14.00 price objective on the stock. Stifel Nicolaus restated a “hold” rating and set a $9.00 price objective on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Finally, Zacks Investment Research cut Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st.
Large investors have recently made changes to their positions in the business. Capital Fund Management S.A. acquired a new position in Scorpio Bulkers in the second quarter worth $134,000. GSA Capital Partners LLP acquired a new position in shares of Scorpio Bulkers during the second quarter valued at $138,000. Voya Investment Management LLC lifted its stake in shares of Scorpio Bulkers by 27.2% during the second quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after acquiring an additional 5,493 shares during the period. Marshall Wace North America L.P. acquired a new position in shares of Scorpio Bulkers during the second quarter valued at $245,000. Finally, Alliancebernstein L.P. lifted its stake in shares of Scorpio Bulkers by 315.0% during the second quarter. Alliancebernstein L.P. now owns 44,400 shares of the shipping company’s stock valued at $315,000 after acquiring an additional 33,700 shares during the period. Hedge funds and other institutional investors own 40.31% of the company’s stock.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). The business had revenue of $38.60 million during the quarter, compared to the consensus estimate of $40.04 million. Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The business’s quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.60) earnings per share. equities analysts anticipate that Scorpio Bulkers will post -0.58 earnings per share for the current year.
Scorpio Bulkers announced that its Board of Directors has authorized a share repurchase 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 repurchase up to 10.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a special dividend, which was paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th were given a $0.02 dividend. The ex-dividend date of this dividend was Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is -1.80%.
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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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