Scorpio Bulkers (NYSE:SALT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, February 14th.
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. “
Several other equities analysts also recently commented on SALT. BidaskClub upgraded Scorpio Bulkers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Stifel Nicolaus restated a “hold” rating and set a $9.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Jefferies Group initiated coverage on Scorpio Bulkers in a research report on Monday, December 18th. They set a “buy” rating and a $14.00 target price on the stock. Noble Financial initiated coverage on Scorpio Bulkers in a research report on Friday, January 12th. They issued a “buy” rating and a $10.00 price objective on the stock. Finally, Morgan Stanley lowered their price objective on Scorpio Bulkers from $10.50 to $9.00 and set an “equal weight” rating on the stock in a research report on Monday, February 12th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $10.21.
Shares of Scorpio Bulkers (NYSE:SALT) traded down $0.13 on Wednesday, reaching $8.12. The company’s stock had a trading volume of 27,099 shares, compared to its average volume of 619,727. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.41 and a quick ratio of 2.20. Scorpio Bulkers has a 1 year low of $5.70 and a 1 year high of $10.14.
Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, February 5th. The shipping company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $51.13 million during the quarter, compared to analyst estimates of $49.34 million. Scorpio Bulkers had a negative return on equity of 4.45% and a negative net margin of 36.82%. Scorpio Bulkers’s quarterly revenue was up 90.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.29) earnings per share. analysts expect that Scorpio Bulkers will post 0.12 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fox Run Management L.L.C. purchased a new stake in Scorpio Bulkers in the fourth quarter worth about $101,000. Two Sigma Investments LP purchased a new position in shares of Scorpio Bulkers during the fourth quarter valued at approximately $113,000. Tower Research Capital LLC TRC lifted its holdings in shares of Scorpio Bulkers by 185.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 16,424 shares of the shipping company’s stock valued at $121,000 after purchasing an additional 10,664 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Scorpio Bulkers during the second quarter valued at approximately $138,000. Finally, Voya Investment Management LLC increased its position 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 in the last quarter. 38.54% of the stock is currently owned by institutional investors.
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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