Capital Fund Management S.A. Takes Position in Scorpio Bulkers Inc. (SALT)
Capital Fund Management S.A. acquired a new stake in Scorpio Bulkers Inc. (NYSE:SALT) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 18,900 shares of the shipping company’s stock, valued at approximately $134,000.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Alliancebernstein L.P. grew its position in shares of Scorpio Bulkers by 315.0% in the 2nd quarter. Alliancebernstein L.P. now owns 44,400 shares of the shipping company’s stock valued at $315,000 after purchasing an additional 33,700 shares during the period. Wells Fargo & Company MN grew its position in shares of Scorpio Bulkers by 26.6% in the 2nd quarter. Wells Fargo & Company MN now owns 55,957 shares of the shipping company’s stock valued at $398,000 after purchasing an additional 11,750 shares during the period. Hosking Partners LLP grew its position in shares of Scorpio Bulkers by 1.6% in the 2nd quarter. Hosking Partners LLP now owns 913,509 shares of the shipping company’s stock valued at $6,486,000 after purchasing an additional 14,812 shares during the period. Airain ltd acquired a new position in shares of Scorpio Bulkers in the 2nd quarter valued at approximately $589,000. Finally, Royce & Associates LP grew its position in shares of Scorpio Bulkers by 6.0% in the 2nd quarter. Royce & Associates LP now owns 967,873 shares of the shipping company’s stock valued at $6,872,000 after purchasing an additional 55,000 shares during the period. Institutional investors and hedge funds own 43.96% of the company’s stock.
Several brokerages recently issued reports on SALT. BidaskClub upgraded Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Stifel Nicolaus reaffirmed a “hold” rating and set a $8.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, July 25th. ValuEngine downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Jefferies Group LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Finally, Zacks Investment Research raised Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $9.75.
Scorpio Bulkers Inc. (SALT) opened at 7.70 on Thursday. The firm’s market cap is $552.89 million. Scorpio Bulkers Inc. has a 52-week low of $3.35 and a 52-week high of $10.14. The firm’s 50-day moving average price is $7.64 and its 200-day moving average price is $7.44.
Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.01). Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. The firm had revenue of $37.70 million during the quarter, compared to analyst estimates of $38.78 million. During the same period last year, the business posted ($0.48) EPS. The company’s revenue was up 116.7% on a year-over-year basis. Equities research analysts expect that Scorpio Bulkers Inc. will post ($0.68) EPS for the current year.
Scorpio Bulkers announced that its Board of Directors has approved a share buyback plan on Wednesday, September 13th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the shipping company to buy up to 10.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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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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