Scorpio Bulkers (NYSE:SALT) Upgraded to Hold by ValuEngine

ValuEngine upgraded shares of Scorpio Bulkers (NYSE:SALT) from a sell rating to a hold rating in a research note issued to investors on Sunday morning, ValuEngine reports.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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