Marshall Wace North America L.P. bought a new position in Scorpio Bulkers Inc. (NYSE:SALT) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 35,023 shares of the shipping company’s stock, valued at approximately $245,000.
A number of other large investors have also recently added to or reduced their stakes in SALT. American International Group Inc. grew its position in shares of Scorpio Bulkers by 53.8% in the first quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock valued at $311,000 after purchasing an additional 11,819 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Scorpio Bulkers by 291.6% in the first quarter. Dynamic Technology Lab Private Ltd now owns 52,309 shares of the shipping company’s stock valued at $481,000 after purchasing an additional 38,952 shares in the last quarter. Rhumbline Advisers grew its position in shares of Scorpio Bulkers by 16.4% in the second quarter. Rhumbline Advisers now owns 68,488 shares of the shipping company’s stock valued at $486,000 after purchasing an additional 9,660 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Scorpio Bulkers in the first quarter valued at $522,000. Finally, SG Americas Securities LLC purchased a new position in shares of Scorpio Bulkers in the first quarter valued at $626,000. 43.98% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on SALT shares. Zacks Investment Research cut Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Jefferies Group LLC restated a “buy” rating and set a $14.00 target price on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. BidaskClub cut Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Tuesday. Stifel Nicolaus restated a “hold” rating and set a $8.50 target price on shares of Scorpio Bulkers in a research report on Wednesday, July 19th. Finally, ValuEngine cut Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. Scorpio Bulkers has a consensus rating of “Hold” and an average price target of $9.75.
Shares of Scorpio Bulkers Inc. (NYSE:SALT) opened at 7.50 on Friday. Scorpio Bulkers Inc. has a 52 week low of $3.35 and a 52 week high of $10.14. The company’s market cap is $538.53 million. The firm’s 50-day moving average price is $7.61 and its 200 day moving average price is $7.45.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.01). The firm had revenue of $37.70 million for the quarter, compared to analysts’ expectations of $38.78 million. Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. The company’s revenue for the quarter was up 116.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.48) EPS. On average, equities research analysts forecast that Scorpio Bulkers Inc. will post ($0.68) EPS for the current year.
Scorpio Bulkers declared that its Board of Directors has authorized a share buyback plan on Wednesday, September 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the shipping company to reacquire up to 10.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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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