Credit Suisse AG Has $169,000 Position in Scorpio Bulkers Inc. (SALT)
Credit Suisse AG decreased its stake in shares of Scorpio Bulkers Inc. (NYSE:SALT) by 22.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,330 shares of the shipping company’s stock after selling 5,307 shares during the quarter. Credit Suisse AG’s holdings in Scorpio Bulkers were worth $169,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. American International Group Inc. lifted its position in Scorpio Bulkers by 53.8% during the first quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock worth $311,000 after buying an additional 11,819 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its position in Scorpio Bulkers by 291.6% during the first quarter. Dynamic Technology Lab Private Ltd now owns 52,309 shares of the shipping company’s stock worth $481,000 after buying an additional 38,952 shares in the last quarter. Trexquant Investment LP purchased a new position in Scorpio Bulkers during the first quarter worth approximately $522,000. SG Americas Securities LLC purchased a new position in Scorpio Bulkers during the first quarter worth approximately $626,000. Finally, EAM Investors LLC purchased a new position in Scorpio Bulkers during the first quarter worth approximately $830,000. Hedge funds and other institutional investors own 43.98% of the company’s stock.
A number of equities analysts recently commented on SALT shares. Zacks Investment Research downgraded Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. BidaskClub downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Stifel Nicolaus restated a “hold” rating and issued a $8.50 target price on shares of Scorpio Bulkers in a research report on Wednesday, July 19th. ValuEngine downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Jefferies Group LLC restated a “buy” rating and issued a $14.00 target price on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Scorpio Bulkers has a consensus rating of “Hold” and an average target price of $9.75.
Scorpio Bulkers Inc. (NYSE:SALT) traded up 2.63% during midday trading on Friday, reaching $7.80. The company’s stock had a trading volume of 680,527 shares. Scorpio Bulkers Inc. has a 1-year low of $3.25 and a 1-year high of $10.14. The company has a 50 day moving average price of $7.62 and a 200 day moving average price of $7.46. The firm’s market cap is $560.07 million.
Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by $0.01. Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The business had revenue of $37.70 million for the quarter, compared to analyst estimates of $38.78 million. During the same quarter last year, the business earned ($0.48) EPS. Scorpio Bulkers’s revenue for the quarter was up 116.7% compared to the same quarter last year. On average, equities research analysts expect that Scorpio Bulkers Inc. will post ($0.70) EPS for the current year.
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Scorpio Bulkers 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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