JPMorgan Chase & Co. cut shares of Scorpio Bulkers (NYSE:SALT) from an overweight rating to a neutral rating in a report released on Wednesday, October 17th, Marketbeat.com reports. They currently have $8.00 price objective on the shipping company’s stock.
SALT has been the topic of a number of other research reports. Zacks Investment Research upgraded Scorpio Bulkers from a hold rating to a buy rating and set a $8.00 price target on the stock in a research report on Thursday, July 5th. Noble Financial reiterated a buy rating on shares of Scorpio Bulkers in a research report on Friday, October 12th. ValuEngine lowered Scorpio Bulkers from a hold rating to a sell rating in a research report on Monday, July 2nd. Seaport Global Securities reissued a buy rating and issued a $13.00 price objective on shares of Scorpio Bulkers in a research note on Tuesday, July 31st. Finally, Jefferies Financial Group set a $12.00 price objective on Scorpio Bulkers and gave the company a buy rating in a research note on Tuesday, July 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. Scorpio Bulkers presently has a consensus rating of Hold and a consensus target price of $9.50.
SALT stock traded down $0.16 during midday trading on Wednesday, reaching $5.99. 517,518 shares of the stock were exchanged, compared to its average volume of 784,717. Scorpio Bulkers has a 52 week low of $5.89 and a 52 week high of $8.45. The firm has a market capitalization of $463.70 million, a P/E ratio of -10.51 and a beta of 2.80. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.73.
Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings results on Monday, October 22nd. The shipping company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Scorpio Bulkers had a negative net margin of 2.80% and a negative return on equity of 0.49%. The company had revenue of $62.40 million during the quarter, compared to the consensus estimate of $62.66 million. During the same quarter last year, the firm posted ($0.15) EPS. The company’s quarterly revenue was up 61.7% on a year-over-year basis. As a group, equities research analysts expect that Scorpio Bulkers will post 0.08 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Wednesday, November 14th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Tuesday, November 13th. Scorpio Bulkers’s dividend payout ratio is -14.04%.
Several large investors have recently made changes to their positions in SALT. Trexquant Investment LP acquired a new position in Scorpio Bulkers during the 2nd quarter worth approximately $226,000. Russell Investments Group Ltd. purchased a new stake in shares of Scorpio Bulkers in the third quarter worth approximately $285,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Scorpio Bulkers in the second quarter worth approximately $300,000. Engineers Gate Manager LP raised its stake in shares of Scorpio Bulkers by 121.7% in the second quarter. Engineers Gate Manager LP now owns 43,888 shares of the shipping company’s stock worth $312,000 after purchasing an additional 24,095 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Scorpio Bulkers in the second quarter worth approximately $327,000. 38.99% of the stock is currently owned by institutional investors.
Scorpio Bulkers Company Profile
Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.
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