Hourglass Capital LLC acquired a new stake in shares of Scorpio Bulkers Inc. (NYSE:SALT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 737,000 shares of the shipping company’s stock, valued at approximately $5,233,000. Hourglass Capital LLC owned 0.98% of Scorpio Bulkers at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Engineers Gate Manager LP acquired a new position in shares of Scorpio Bulkers during the first quarter valued at about $1,035,000. State Street Corp increased its position in shares of Scorpio Bulkers by 50.6% in the fourth quarter. State Street Corp now owns 793,782 shares of the shipping company’s stock valued at $4,009,000 after buying an additional 266,870 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Scorpio Bulkers by 101.0% in the first quarter. JPMorgan Chase & Co. now owns 104,782 shares of the shipping company’s stock valued at $964,000 after buying an additional 52,655 shares during the last quarter. Hosking Partners LLP increased its position in shares of Scorpio Bulkers by 82.7% in the first quarter. Hosking Partners LLP now owns 898,697 shares of the shipping company’s stock valued at $8,268,000 after buying an additional 406,926 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Scorpio Bulkers by 1,043.7% in the first quarter. Wellington Management Group LLP now owns 206,223 shares of the shipping company’s stock valued at $1,897,000 after buying an additional 188,192 shares during the last quarter. Hedge funds and other institutional investors own 50.84% of the company’s stock.
Scorpio Bulkers Inc. (NYSE SALT) traded down 0.66% during midday trading on Friday, hitting $7.55. The stock had a trading volume of 264,431 shares. Scorpio Bulkers Inc. has a 52 week low of $3.03 and a 52 week high of $10.14. The company’s market capitalization is $542.12 million. The company’s 50-day moving average price is $7.30 and its 200 day moving average price is $7.39.
Scorpio Bulkers (NYSE:SALT) last issued its earnings results 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 business had revenue of $37.70 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.48) EPS. On average, analysts expect that Scorpio Bulkers Inc. will post ($0.70) EPS for the current year.
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SALT has been the subject of several research analyst reports. Zacks Investment Research downgraded Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Jefferies Group LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Credit Suisse Group reiterated an “outperform” rating and issued a $10.00 price objective on shares of Scorpio Bulkers in a research report on Sunday, April 23rd. BidaskClub downgraded Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $8.00 price objective on shares of Scorpio Bulkers in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $8.84.
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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