SALT has been the subject of several other research reports. B. Riley upped their target price on shares of Scorpio Bulkers from $8.00 to $9.50 and gave the company a buy rating in a research report on Thursday, October 24th. BTIG Research upped their target price on shares of Scorpio Bulkers to $9.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Zacks Investment Research upgraded shares of Scorpio Bulkers from a hold rating to a buy rating and set a $8.00 price objective for the company in a research report on Wednesday, October 30th. Finally, Noble Financial set a $8.50 price objective on shares of Scorpio Bulkers and gave the company a buy rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $8.75.
Shares of Scorpio Bulkers stock opened at $6.50 on Friday. The firm has a fifty day moving average of $6.64 and a two-hundred day moving average of $5.67. The stock has a market capitalization of $479.16 million, a price-to-earnings ratio of -216.67 and a beta of 2.26. Scorpio Bulkers has a 52 week low of $3.57 and a 52 week high of $7.78. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.90 and a current ratio of 0.90.
Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Wednesday, October 23rd. The shipping company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $63.20 million during the quarter, compared to analysts’ expectations of $60.63 million. Scorpio Bulkers had a net margin of 9.74% and a negative return on equity of 0.74%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 EPS. As a group, research analysts forecast that Scorpio Bulkers will post -0.28 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Thursday, November 14th. Scorpio Bulkers’s dividend payout ratio is currently -266.67%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SALT. JPMorgan Chase & Co. increased its position in shares of Scorpio Bulkers by 111.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 476,284 shares of the shipping company’s stock valued at $2,143,000 after buying an additional 250,583 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Scorpio Bulkers in the 3rd quarter valued at $1,003,000. Renaissance Technologies LLC increased its position in shares of Scorpio Bulkers by 12.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,527,192 shares of the shipping company’s stock valued at $7,025,000 after buying an additional 164,083 shares in the last quarter. Hourglass Capital LLC increased its position in shares of Scorpio Bulkers by 12.5% in the 2nd quarter. Hourglass Capital LLC now owns 875,000 shares of the shipping company’s stock valued at $4,025,000 after buying an additional 97,500 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of Scorpio Bulkers in the 2nd quarter valued at $152,000. Institutional investors and hedge funds own 35.46% of the company’s stock.
About Scorpio Bulkers
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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