Scorpio Bulkers Inc (NYSE:SALT) shares traded up 6.1% on Friday . The company traded as high as $8.15 and last traded at $7.85. 1,409,843 shares changed hands during trading, an increase of 153% from the average session volume of 556,738 shares. The stock had previously closed at $7.40.
A number of research analysts have recently weighed in on the company. Stifel Nicolaus restated a “hold” rating and set a $9.00 price objective on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Zacks Investment Research lowered Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. BidaskClub upgraded Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Jefferies Group assumed coverage on Scorpio Bulkers in a research report on Monday, December 18th. They set a “buy” rating and a $14.00 price objective for the company. Finally, Noble Financial assumed coverage on Scorpio Bulkers in a research report on Friday. They set a “buy” rating and a $10.00 price objective for the company. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $9.89.
The stock has a market cap of $670.86, a PE ratio of -7.14 and a beta of 3.56. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.54.
Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). The company had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $40.04 million. Scorpio Bulkers had a negative return on equity of 4.69% and a negative net margin of 27.65%. The company’s revenue was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.60) EPS. equities analysts predict that Scorpio Bulkers Inc will post -0.58 earnings per share for the current year.
The business also recently declared a special dividend, which was paid on Friday, December 15th. Investors of record on Wednesday, November 15th were given a $0.02 dividend. The ex-dividend date was Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio is currently -1.82%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP grew its position in Scorpio Bulkers by 13.9% in the third quarter. Royce & Associates LP now owns 1,101,978 shares of the shipping company’s stock worth $7,769,000 after acquiring an additional 134,105 shares in the last quarter. Horseman Capital Management Ltd grew its position in Scorpio Bulkers by 35.7% in the third quarter. Horseman Capital Management Ltd now owns 950,000 shares of the shipping company’s stock worth $6,698,000 after acquiring an additional 250,000 shares in the last quarter. State Street Corp grew its position in Scorpio Bulkers by 10.5% in the second quarter. State Street Corp now owns 924,007 shares of the shipping company’s stock worth $6,558,000 after acquiring an additional 88,156 shares in the last quarter. Northern Trust Corp grew its position in Scorpio Bulkers by 5.5% in the second quarter. Northern Trust Corp now owns 532,847 shares of the shipping company’s stock worth $3,783,000 after acquiring an additional 27,871 shares in the last quarter. Finally, Williams Jones & Associates LLC grew its position in Scorpio Bulkers by 64.4% in the second quarter. Williams Jones & Associates LLC now owns 464,935 shares of the shipping company’s stock worth $3,301,000 after acquiring an additional 182,140 shares in the last quarter. Institutional investors own 40.31% of the company’s stock.
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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