Brokerages Set Scorpio Bulkers Inc (SALT) Price Target at $9.33

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Shares of Scorpio Bulkers Inc (NYSE:SALT) have been assigned an average recommendation of “Buy” from the eight research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $9.33.

SALT has been the subject of a number of research analyst reports. ValuEngine cut Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Zacks Investment Research raised Scorpio Bulkers from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 29th. B. Riley set a $8.00 price target on Scorpio Bulkers and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Noble Financial set a $9.00 price target on Scorpio Bulkers and gave the company a “buy” rating in a report on Friday, April 12th.

Shares of NYSE SALT opened at $4.43 on Thursday. The firm has a market cap of $336.16 million, a price-to-earnings ratio of -147.67 and a beta of 2.33. Scorpio Bulkers has a 52-week low of $3.57 and a 52-week high of $7.60. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.43 and a quick ratio of 0.43.

Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings results on Monday, April 29th. The shipping company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.24. Scorpio Bulkers had a positive return on equity of 0.92% and a negative net margin of 4.36%. The business had revenue of $50.40 million during the quarter, compared to analysts’ expectations of $49.25 million. During the same period in the previous year, the business posted ($0.08) earnings per share. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that Scorpio Bulkers will post -0.23 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be issued a $0.02 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.81%. Scorpio Bulkers’s dividend payout ratio is -266.67%.

Several institutional investors have recently added to or reduced their stakes in the stock. Sippican Capital Advisors raised its holdings in shares of Scorpio Bulkers by 14.4% in the first quarter. Sippican Capital Advisors now owns 27,630 shares of the shipping company’s stock valued at $106,000 after buying an additional 3,485 shares during the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Scorpio Bulkers by 0.7% in the third quarter. TIAA CREF Investment Management LLC now owns 692,647 shares of the shipping company’s stock valued at $5,022,000 after buying an additional 4,475 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in Scorpio Bulkers by 14.9% in the first quarter. Parametric Portfolio Associates LLC now owns 66,800 shares of the shipping company’s stock worth $257,000 after purchasing an additional 8,675 shares during the period. BNP Paribas Arbitrage SA increased its position in Scorpio Bulkers by 451.4% in the first quarter. BNP Paribas Arbitrage SA now owns 11,354 shares of the shipping company’s stock worth $44,000 after purchasing an additional 9,295 shares during the period. Finally, California Public Employees Retirement System increased its position in Scorpio Bulkers by 6.6% in the first quarter. California Public Employees Retirement System now owns 181,849 shares of the shipping company’s stock worth $698,000 after purchasing an additional 11,326 shares during the period. 36.47% of the stock is owned by institutional investors and hedge funds.

Scorpio Bulkers Company Profile

Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers worldwide. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers. The company owns and operates 55 vessels, including 54 wholly-owned or finance leased drybulk vessels comprising 17 Kamsarmax vessels and 37 Ultramax vessels; and 1 time chartered-in Ultramax vessel.

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Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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