Scorpio Bulkers Inc. (NYSE:SALT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, July 22nd.
According to Zacks, “Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. The company’s vessels consist of Ultramax, Kamsarmax and Capesize. It operates shipyards in Japan, China and Romania. Scorpio Bulkers Inc. is based in MONACO. “
Other research analysts also recently issued reports about the stock. Morgan Stanley assumed coverage on shares of Scorpio Bulkers in a research report on Tuesday, March 28th. They issued an “equal weight” rating and a $10.50 target price on the stock. Credit Suisse Group restated an “outperform” rating and set a $10.00 price target on shares of Scorpio Bulkers in a report on Sunday, April 23rd. Finally, Stifel Nicolaus restated a “hold” rating and set a $8.50 price target on shares of Scorpio Bulkers in a report on Wednesday, July 19th. Two equities research 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 currently has a consensus rating of “Hold” and an average target price of $8.84.
Shares of Scorpio Bulkers (SALT) traded up 3.000% during mid-day trading on Friday, hitting $7.725. The stock had a trading volume of 1,058,921 shares. Scorpio Bulkers has a 12 month low of $3.03 and a 12 month high of $10.14. The stock’s 50-day moving average is $7.24 and its 200 day moving average is $7.39. The firm’s market cap is $554.69 million.
Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.01. The business had revenue of $37.70 million during the quarter, compared to analyst estimates of $38.78 million. Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The business’s revenue for the quarter was up 116.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.48) EPS. Equities research analysts predict that Scorpio Bulkers will post ($0.70) earnings per share for the current fiscal year.
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A number of institutional investors have recently made changes to their positions in SALT. Capital Fund Management S.A. acquired a new stake in shares of Scorpio Bulkers during the second quarter valued at about $134,000. GSA Capital Partners LLP acquired a new stake in shares of Scorpio Bulkers during the second quarter valued at about $138,000. Russell Investments Group Ltd. acquired a new stake in shares of Scorpio Bulkers during the fourth quarter valued at about $139,000. Geneva Advisors LLC acquired a new stake in shares of Scorpio Bulkers during the first quarter valued at about $182,000. Finally, Voya Investment Management LLC raised its stake in shares of Scorpio Bulkers by 27.2% in the second quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after buying an additional 5,493 shares during the period. 50.84% of the stock is currently owned by institutional investors and hedge funds.
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.
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