Scorpio Bulkers Inc. (SALT) Rating Lowered to Hold at Zacks Investment Research

Scorpio Bulkers Inc. (NYSE:SALT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. The company’s vessels consist of Ultramax, Kamsarmax and Capesize. It operates shipyards in Japan, China and Romania. Scorpio Bulkers Inc. is based in MONACO. “

Several other analysts also recently commented on the stock. Stifel Nicolaus restated a “hold” rating and set a $9.00 price objective on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. BidaskClub raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. ValuEngine cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Scorpio Bulkers in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $9.50.

Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings data on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). The firm had revenue of $38.60 million for the quarter, compared to the consensus estimate of $40.04 million. Scorpio Bulkers had a negative net margin of 57.43% and a negative return on equity of 6.51%. The firm’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.60) earnings per share.

Scorpio Bulkers declared that its board has authorized a stock buyback plan on Wednesday, September 13th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the shipping company to purchase up to 10.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Horseman Capital Management Ltd grew its stake in shares of Scorpio Bulkers by 35.7% in the 3rd quarter. Horseman Capital Management Ltd now owns 950,000 shares of the shipping company’s stock worth $6,698,000 after buying an additional 250,000 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in shares of Scorpio Bulkers by 59.6% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 83,471 shares of the shipping company’s stock worth $592,000 after buying an additional 31,162 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Scorpio Bulkers by 2.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock worth $326,000 after buying an additional 1,291 shares in the last quarter. State Street Corp grew its stake in shares of Scorpio Bulkers by 10.5% in the 2nd quarter. State Street Corp now owns 924,007 shares of the shipping company’s stock worth $6,558,000 after buying an additional 88,156 shares in the last quarter. Finally, Kazazian Asset Management LLC grew its stake in shares of Scorpio Bulkers by 19.9% in the 2nd quarter. Kazazian Asset Management LLC now owns 72,315 shares of the shipping company’s stock worth $513,000 after buying an additional 12,000 shares in the last quarter. 44.28% of the stock is owned by institutional investors.

Scorpio Bulkers Company Profile

Scorpio Bulkers Inc is a shipping company. The Company owns and operates newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 deadweight tons (dwt). The Company operates through two segments: Kamsarmax and Ultramax. Its Kamsarmax segment includes vessels ranging from approximately 77,500 DWT to 98,700 DWT.

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