$49.37 Million in Sales Expected for Scorpio Bulkers Inc (SALT) This Quarter
Analysts expect Scorpio Bulkers Inc (NYSE:SALT) to report sales of $49.37 million for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Scorpio Bulkers’ earnings, with estimates ranging from $46.21 million to $52.01 million. Scorpio Bulkers reported sales of $26.82 million in the same quarter last year, which indicates a positive year over year growth rate of 84.1%. The company is expected to report its next earnings report on Monday, February 5th.
According to Zacks, analysts expect that Scorpio Bulkers will report full-year sales of $49.37 million for the current year, with estimates ranging from $157.07 million to $166.84 million. For the next financial year, analysts expect that the firm will report sales of $219.08 million per share, with estimates ranging from $173.00 million to $273.54 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The company had revenue of $38.60 million during the quarter, compared to analyst estimates of $40.04 million. During the same period last year, the business earned ($0.60) earnings per share. The firm’s revenue was up 61.5% compared to the same quarter last year.
A number of analysts have issued reports on SALT shares. BidaskClub downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Zacks Investment Research raised Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 price objective for the company in a research report on Friday, September 29th. ValuEngine downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Stifel Nicolaus reissued a “hold” rating and set a $9.00 price objective on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Finally, Jefferies Group started coverage on Scorpio Bulkers in a research report on Monday. They set a “buy” rating and a $14.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $9.50.
Shares of Scorpio Bulkers (SALT) traded up $0.10 on Monday, hitting $7.40. The company’s stock had a trading volume of 517,600 shares, compared to its average volume of 838,342. Scorpio Bulkers has a twelve month low of $4.60 and a twelve month high of $10.14. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.20 and a quick ratio of 2.20.
Scorpio Bulkers declared that its Board of Directors has approved a share repurchase plan on Wednesday, September 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the shipping company to repurchase up to 10.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a special dividend, which was paid on Friday, December 15th. Investors of record on Wednesday, November 15th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is -1.80%.
A number of institutional investors have recently made changes to their positions in SALT. Hourglass Capital LLC purchased a new position in Scorpio Bulkers during the 2nd quarter valued at about $5,233,000. Horseman Capital Management Ltd boosted its stake in shares of Scorpio Bulkers by 35.7% in the 3rd quarter. Horseman Capital Management Ltd now owns 950,000 shares of the shipping company’s stock valued at $6,698,000 after buying an additional 250,000 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Scorpio Bulkers in the 3rd quarter valued at about $1,708,000. Citadel Advisors LLC boosted its stake in shares of Scorpio Bulkers by 234.4% in the 2nd quarter. Citadel Advisors LLC now owns 304,153 shares of the shipping company’s stock valued at $2,159,000 after buying an additional 213,186 shares during the period. Finally, Parallax Volatility Advisers L.P. purchased a new position in shares of Scorpio Bulkers in the 2nd quarter valued at about $1,418,000. Institutional investors own 40.42% of the company’s stock.
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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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