Wall Street brokerages predict that Scorpio Bulkers Inc (NYSE:SALT) will report $57.61 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Scorpio Bulkers’ earnings, with the highest sales estimate coming in at $59.61 million and the lowest estimate coming in at $55.80 million. Scorpio Bulkers reported sales of $54.25 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.2%. The firm is scheduled to issue its next quarterly earnings report on Monday, April 22nd.
On average, analysts expect that Scorpio Bulkers will report full year sales of $248.01 million for the current financial year, with estimates ranging from $227.06 million to $279.92 million. For the next year, analysts anticipate that the business will post sales of $295.70 million, with estimates ranging from $249.46 million to $393.53 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings data on Monday, January 28th. The shipping company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.08). Scorpio Bulkers had a negative net margin of 5.24% and a negative return on equity of 0.19%. The company had revenue of $65.20 million for the quarter, compared to analyst estimates of $70.61 million. During the same quarter last year, the company earned ($0.01) EPS. The business’s revenue was up 27.6% compared to the same quarter last year.
Several equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Scorpio Bulkers from a “strong sell” rating to a “hold” rating in a report on Saturday, October 27th. BTIG Research assumed coverage on shares of Scorpio Bulkers in a report on Thursday, November 15th. They issued a “buy” rating and a $8.00 price target on the stock. Finally, Jefferies Financial Group cut their price target on shares of Scorpio Bulkers from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $9.33.
A number of institutional investors have recently added to or reduced their stakes in SALT. Cutler Group LP boosted its position in Scorpio Bulkers by 170.5% in the 4th quarter. Cutler Group LP now owns 9,884 shares of the shipping company’s stock worth $54,000 after purchasing an additional 23,900 shares in the last quarter. Sippican Capital Advisors lifted its position in shares of Scorpio Bulkers by 12.7% during the 4th quarter. Sippican Capital Advisors now owns 24,145 shares of the shipping company’s stock valued at $134,000 after buying an additional 2,721 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Scorpio Bulkers by 77.0% during the 4th quarter. Bank of America Corp DE now owns 44,830 shares of the shipping company’s stock valued at $248,000 after buying an additional 19,509 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Scorpio Bulkers during the 3rd quarter valued at approximately $285,000. Finally, Rhumbline Advisers lifted its position in shares of Scorpio Bulkers by 44.8% during the 4th quarter. Rhumbline Advisers now owns 83,071 shares of the shipping company’s stock valued at $459,000 after buying an additional 25,682 shares in the last quarter. Institutional investors and hedge funds own 38.29% of the company’s stock.
Shares of SALT traded down $0.10 during mid-day trading on Friday, hitting $4.58. 22,658 shares of the company traded hands, compared to its average volume of 372,913. Scorpio Bulkers has a 1-year low of $3.89 and a 1-year high of $8.45. The company has a quick ratio of 1.07, a current ratio of 0.55 and a debt-to-equity ratio of 0.80. The company has a market cap of $333.30 million, a P/E ratio of -153.00 and a beta of 2.14.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Friday, February 15th will be given a $0.02 dividend. The ex-dividend date is Thursday, February 14th. This represents a $0.08 annualized dividend and a yield of 1.75%. Scorpio Bulkers’s dividend payout ratio is presently -266.67%.
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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