Scorpio Bulkers Inc. (NYSE:SALT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. The company’s vessels consist of Ultramax, Kamsarmax and Capesize. It operates shipyards in Japan, China and Romania. Scorpio Bulkers Inc. is based in MONACO. “
Several other research firms have also issued reports on SALT. Clarkson Capital upgraded Scorpio Bulkers from a “neutral” rating to a “buy” rating in a report on Friday, June 17th. Seaport Global Securities reiterated a “buy” rating and set a $5.00 target price on shares of Scorpio Bulkers in a report on Tuesday, August 2nd. Jefferies Group restated a “buy” rating and issued a $5.00 price objective on shares of Scorpio Bulkers in a research note on Wednesday, July 6th. Finally, Deutsche Bank AG upped their price objective on Scorpio Bulkers from $3.00 to $4.50 and gave the company a “hold” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Scorpio Bulkers currently has an average rating of “Hold” and a consensus target price of $5.29.
Scorpio Bulkers (NYSE:SALT) opened at 3.59 on Wednesday. The company has a 50 day moving average price of $3.48 and a 200-day moving average price of $3.44. Scorpio Bulkers has a 52 week low of $1.79 and a 52 week high of $19.80. The company’s market capitalization is $184.18 million.
Scorpio Bulkers (NYSE:SALT) last released its earnings results on Wednesday, July 27th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.05. Scorpio Bulkers had a negative return on equity of 9.43% and a negative net margin of 621.88%. The business had revenue of $17.37 million for the quarter, compared to analyst estimates of $16.45 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. Scorpio Bulkers’s revenue was up 35.9% on a year-over-year basis. On average, equities analysts anticipate that Scorpio Bulkers will post ($1.83) earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers increased its position in Scorpio Bulkers by 18.4% in the second quarter. Rhumbline Advisers now owns 46,489 shares of the company’s stock valued at $130,000 after buying an additional 7,241 shares during the last quarter. BlackRock Investment Management LLC increased its position in Scorpio Bulkers by 4.2% in the second quarter. BlackRock Investment Management LLC now owns 189,033 shares of the company’s stock valued at $527,000 after buying an additional 7,566 shares during the last quarter. BlackRock Advisors LLC increased its position in Scorpio Bulkers by 5,045.9% in the second quarter. BlackRock Advisors LLC now owns 777,436 shares of the company’s stock valued at $2,169,000 after buying an additional 762,328 shares during the last quarter. Vanguard Group Inc. increased its position in Scorpio Bulkers by 3.7% in the second quarter. Vanguard Group Inc. now owns 74,495 shares of the company’s stock valued at $208,000 after buying an additional 2,638 shares during the last quarter. Finally, Nationwide Fund Advisors increased 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 valued at $150,000 after buying an additional 9,043 shares during the last quarter. 37.13% of the stock is currently owned by institutional investors.
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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