Wall Street brokerages expect that Scorpio Bulkers Inc. (NYSE:SALT) will post earnings of ($0.15) per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Scorpio Bulkers’ earnings. The highest EPS estimate is ($0.13) and the lowest is ($0.18). Scorpio Bulkers reported earnings of ($0.30) per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 50%. The company is expected to announce its next earnings results on Monday, October 30th.
On average, analysts expect that Scorpio Bulkers will report full year earnings of ($0.64) per share for the current fiscal year, with EPS estimates ranging from ($0.86) to ($0.50). For the next year, analysts expect that the company will post earnings of ($0.18) per share, with EPS estimates ranging from ($0.73) to $0.55. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that cover Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings results on Monday, July 24th. The shipping company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.01). Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. The company had revenue of $37.70 million during the quarter, compared to analyst estimates of $38.78 million. During the same quarter in the previous year, the business posted ($0.48) earnings per share. The company’s revenue for the quarter was up 116.7% compared to the same quarter last year.
A number of research firms have recently weighed in on SALT. BidaskClub raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Zacks Investment Research downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. Stifel Nicolaus reissued a “hold” rating and set a $8.50 price objective on shares of Scorpio Bulkers in a research report on Wednesday, July 19th. ValuEngine downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $14.00 price objective on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $9.36.
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Scorpio Bulkers (SALT) traded up 1.027% on Monday, hitting $7.375. 375,435 shares of the company’s stock were exchanged. The stock’s market cap is $529.55 million. The firm has a 50 day moving average price of $7.59 and a 200-day moving average price of $7.39. Scorpio Bulkers has a 52-week low of $3.35 and a 52-week high of $10.14.
Scorpio Bulkers announced that its board has initiated a stock buyback program on Wednesday, September 13th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the shipping company to purchase up to 10.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
Institutional investors have recently added to or reduced their stakes in the stock. Capital Fund Management S.A. purchased a new stake in Scorpio Bulkers in the 2nd quarter worth approximately $134,000. GSA Capital Partners LLP purchased a new stake in Scorpio Bulkers in the 2nd quarter worth approximately $138,000. Voya Investment Management LLC increased its holdings in Scorpio Bulkers by 27.2% in the 2nd quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock worth $182,000 after acquiring an additional 5,493 shares in the last quarter. American International Group Inc. increased its holdings in Scorpio Bulkers by 53.8% in the 1st quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock worth $311,000 after acquiring an additional 11,819 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in Scorpio Bulkers in the 2nd quarter worth approximately $245,000. 43.96% 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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