Scorpio Bulkers Inc (NYSE:SALT) Receives $8.75 Consensus PT from Analysts

Scorpio Bulkers Inc (NYSE:SALT) has been assigned a consensus recommendation of “Buy” from the six research firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $8.75.

A number of research firms have weighed in on SALT. Noble Financial set a $8.50 price objective on Scorpio Bulkers and gave the stock a “buy” rating in a research report on Tuesday, September 24th. B. Riley increased their price objective on Scorpio Bulkers from $8.00 to $9.50 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Pareto Securities cut Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research raised 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, ValuEngine raised Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Sunday.

NYSE:SALT traded up $0.05 during mid-day trading on Thursday, reaching $5.62. 269,174 shares of the stock were exchanged, compared to its average volume of 524,010. The company has a 50 day simple moving average of $6.60 and a 200-day simple moving average of $5.72. The stock has a market capitalization of $403.76 million, a P/E ratio of -187.33 and a beta of 2.26. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. Scorpio Bulkers has a 1 year low of $3.57 and a 1 year high of $7.78.

Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings data on Wednesday, October 23rd. The shipping company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Scorpio Bulkers had a negative return on equity of 0.74% and a net margin of 9.74%. The company had revenue of $63.20 million during the quarter, compared to analysts’ expectations of $60.63 million. During the same period last year, the firm earned $0.02 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, research analysts predict that Scorpio Bulkers will post -0.28 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.08 dividend on an annualized basis and a yield of 1.42%. Scorpio Bulkers’s payout ratio is -266.67%.

Several institutional investors and hedge funds have recently bought and sold shares of SALT. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Scorpio Bulkers in the 2nd quarter valued at approximately $152,000. Sippican Capital Advisors lifted its holdings in shares of Scorpio Bulkers by 17.2% in the 2nd quarter. Sippican Capital Advisors now owns 32,370 shares of the shipping company’s stock valued at $149,000 after buying an additional 4,740 shares during the period. Mraz Amerine & Associates Inc. lifted its holdings in shares of Scorpio Bulkers by 26.0% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 46,800 shares of the shipping company’s stock valued at $215,000 after buying an additional 9,650 shares during the period. JPMorgan Chase & Co. lifted its holdings 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 during the period. Finally, Bank of Montreal Can lifted its holdings in shares of Scorpio Bulkers by 96.6% in the 2nd quarter. Bank of Montreal Can now owns 11,909 shares of the shipping company’s stock valued at $55,000 after buying an additional 5,850 shares during the period. 35.47% 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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