Scorpio Bulkers Inc. (SALT) Given Average Recommendation of “Hold” by Brokerages
Scorpio Bulkers Inc. (NYSE:SALT) has been given a consensus rating of “Hold” by the nine research firms that are covering the company. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $5.70.
Several equities research analysts have issued reports on SALT shares. Seaport Global Securities reiterated a “buy” rating and set a $5.00 price objective on shares of Scorpio Bulkers in a research note on Tuesday, August 2nd. Zacks Investment Research downgraded shares of Scorpio Bulkers from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Finally, Deutsche Bank AG boosted their price objective on shares of Scorpio Bulkers from $3.00 to $4.50 and gave the stock a “hold” rating in a research note on Tuesday, September 27th.
Shares of Scorpio Bulkers (NYSE:SALT) traded down 3.60% during midday trading on Tuesday, hitting $5.35. 250,259 shares of the stock were exchanged. The firm has a 50 day moving average of $4.27 and a 200 day moving average of $3.61. The firm’s market cap is $382.92 million. Scorpio Bulkers has a 12-month low of $1.79 and a 12-month high of $10.92.
Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, October 31st. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by $0.01. Scorpio Bulkers had a negative net margin of 552.25% and a negative return on equity of 10.57%. The company earned $23.90 million during the quarter, compared to analysts’ expectations of $24.30 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. Scorpio Bulkers’s revenue for the quarter was up 57.2% compared to the same quarter last year. Equities analysts forecast that Scorpio Bulkers will post ($1.74) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company purchased a new position in Scorpio Bulkers during the third quarter worth approximately $102,000. Rhumbline Advisers boosted its position in Scorpio Bulkers by 18.4% in the second quarter. Rhumbline Advisers now owns 46,489 shares of the company’s stock worth $130,000 after buying an additional 7,241 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Scorpio Bulkers during the second quarter worth approximately $133,000. Valueworks LLC purchased a new position in Scorpio Bulkers during the second quarter worth approximately $142,000. Finally, Nationwide Fund Advisors boosted its position in Scorpio Bulkers by 20.2% in the second quarter. Nationwide Fund Advisors now owns 53,829 shares of the company’s stock worth $150,000 after buying an additional 9,043 shares during the last quarter. 35.51% of the stock is currently owned by institutional investors and hedge funds.
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Scorpio Bulkers Company Profile
Scorpio Bulkers Inc is a shipping company. The Company offers marine transportation services for a range of bulk commodities, including ores, coal, grains and fertilizers using its vessels. The Company focuses to acquire and operate the drybulk carriers. The Company operates through three segments: Capesize, Kamsarmax and Ultramax.
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