Scorpio Bulkers Inc (SALT) to Issue Quarterly Dividend of $0.02

Scorpio Bulkers Inc (NYSE:SALT) declared a quarterly dividend on Friday, April 26th, NASDAQ reports. Stockholders of record on Wednesday, May 15th will be paid a dividend of 0.02 per share by the shipping company on Friday, May 31st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Tuesday, May 14th.

Shares of SALT stock traded down $0.10 during midday trading on Friday, hitting $4.23. 295,100 shares of the company were exchanged, compared to its average volume of 421,741. The company has a market capitalization of $308.38 million, a price-to-earnings ratio of -141.00 and a beta of 2.33. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.43 and a current ratio of 0.43. Scorpio Bulkers has a 52 week low of $3.57 and a 52 week high of $7.60.

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

SALT has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Wednesday, March 27th. ValuEngine upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. B. Riley set a $8.00 target price on shares of Scorpio Bulkers and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Noble Financial set a $9.00 target price on shares of Scorpio Bulkers and gave the stock a “buy” rating in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $9.14.

An institutional investor recently raised its position in Scorpio Bulkers stock. Geode Capital Management LLC lifted its holdings in shares of Scorpio Bulkers Inc (NYSE:SALT) by 19.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 203,962 shares of the shipping company’s stock after buying an additional 32,817 shares during the period. Geode Capital Management LLC owned about 0.29% of Scorpio Bulkers worth $1,127,000 at the end of the most recent reporting period. Institutional investors own 36.82% of the company’s stock.

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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.

Further Reading: What is the Quick Ratio?

Dividend History for Scorpio Bulkers (NYSE:SALT)

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