ValuEngine Lowers Scorpio Bulkers (NYSE:SALT) to Sell

Share on StockTwits

Scorpio Bulkers (NYSE:SALT) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Monday, November 11th, ValuEngine reports.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised 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 note on Wednesday, October 30th. B. Riley reissued a “buy” rating on shares of Scorpio Bulkers in a research note on Tuesday, October 15th. Finally, Noble Financial set a $8.50 price objective on shares of Scorpio Bulkers and gave the company a “buy” rating in a research note on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Scorpio Bulkers has a consensus rating of “Buy” and a consensus price target of $8.38.

Shares of Scorpio Bulkers stock traded down $0.06 during trading on Monday, hitting $5.73. 186,303 shares of the company were exchanged, compared to its average volume of 404,281. The firm has a 50 day moving average price of $6.39 and a 200 day moving average price of $5.78. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $419.72 million, a price-to-earnings ratio of -191.00 and a beta of 2.34. Scorpio Bulkers has a fifty-two week low of $3.57 and a fifty-two week high of $7.78.

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

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its position in Scorpio Bulkers by 64.6% during the 3rd quarter. Millennium Management LLC now owns 726,353 shares of the shipping company’s stock worth $4,416,000 after purchasing an additional 285,141 shares during the period. State Street Corp boosted its position in Scorpio Bulkers by 0.6% during the 3rd quarter. State Street Corp now owns 951,636 shares of the shipping company’s stock worth $5,786,000 after purchasing an additional 5,344 shares during the period. California Public Employees Retirement System boosted its position in Scorpio Bulkers by 15.0% during the 3rd quarter. California Public Employees Retirement System now owns 177,751 shares of the shipping company’s stock worth $1,081,000 after purchasing an additional 23,167 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in Scorpio Bulkers during the 3rd quarter worth $1,003,000. Finally, Rhumbline Advisers boosted its position in Scorpio Bulkers by 8.2% during the 3rd quarter. Rhumbline Advisers now owns 83,229 shares of the shipping company’s stock worth $506,000 after purchasing an additional 6,284 shares during the period. 34.92% of the stock is owned by institutional investors.

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.

Recommended Story: What is the Difference Between Common Shares and Convertible Shares?

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

Receive News & Ratings for Scorpio Bulkers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Bulkers and related companies with MarketBeat.com's FREE daily email newsletter.