Scorpio Bulkers Inc (NYSE:SALT) Expected to Post Quarterly Sales of $67.22 Million

Wall Street brokerages expect that Scorpio Bulkers Inc (NYSE:SALT) will report sales of $67.22 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Scorpio Bulkers’ earnings, with the lowest sales estimate coming in at $62.86 million and the highest estimate coming in at $69.77 million. Scorpio Bulkers posted sales of $65.17 million during the same quarter last year, which suggests a positive year-over-year growth rate of 3.1%. The company is expected to issue its next quarterly earnings report on Monday, January 27th.

On average, analysts expect that Scorpio Bulkers will report full-year sales of $229.69 million for the current fiscal year, with estimates ranging from $225.54 million to $231.60 million. For the next year, analysts forecast that the company will post sales of $287.97 million, with estimates ranging from $258.48 million to $305.76 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Scorpio Bulkers.

Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings results on Wednesday, October 23rd. The shipping company reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. Scorpio Bulkers had a negative return on equity of 0.74% and a net margin of 9.74%. The company had revenue of $63.20 million during the quarter, compared to the consensus estimate of $60.63 million. During the same period last year, the business earned $0.02 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis.

SALT has been the subject of a number of recent research reports. Pareto Securities downgraded Scorpio Bulkers from a “buy” rating to a “hold” rating in a research note on Wednesday, November 13th. Zacks Investment Research raised Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.00 price target for the company in a research note on Wednesday, October 30th. Noble Financial set a $8.50 price target on Scorpio Bulkers and gave the stock a “buy” rating in a research note on Tuesday, September 24th. B. Riley reaffirmed a “buy” rating on shares of Scorpio Bulkers in a research note on Tuesday, October 15th. Finally, ValuEngine raised Scorpio Bulkers from a “sell” rating to a “hold” rating in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $8.38.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings in shares of Scorpio Bulkers by 12.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,527,192 shares of the shipping company’s stock valued at $7,025,000 after acquiring an additional 164,083 shares during the last quarter. State Street Corp grew its stake in Scorpio Bulkers by 0.6% in the 3rd quarter. State Street Corp now owns 951,636 shares of the shipping company’s stock valued at $5,786,000 after buying an additional 5,344 shares in the last quarter. Hourglass Capital LLC grew its stake in Scorpio Bulkers by 12.5% in the 2nd quarter. Hourglass Capital LLC now owns 875,000 shares of the shipping company’s stock valued at $4,025,000 after buying an additional 97,500 shares in the last quarter. Millennium Management LLC grew its stake in Scorpio Bulkers by 64.6% in the 3rd quarter. Millennium Management LLC now owns 726,353 shares of the shipping company’s stock valued at $4,416,000 after buying an additional 285,141 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Scorpio Bulkers by 111.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 476,284 shares of the shipping company’s stock valued at $2,143,000 after buying an additional 250,583 shares in the last quarter. 34.92% of the stock is currently owned by institutional investors and hedge funds.

Shares of SALT traded down $0.18 during midday trading on Tuesday, reaching $5.91. 308,720 shares of the stock were exchanged, compared to its average volume of 399,250. Scorpio Bulkers has a 12-month low of $3.57 and a 12-month high of $7.78. The firm has a 50 day simple moving average of $6.21 and a 200-day simple moving average of $5.84. 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 company has a market cap of $442.18 million, a price-to-earnings ratio of -197.00 and a beta of 2.33.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Thursday, November 14th. Scorpio Bulkers’s dividend payout ratio is -266.67%.

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: The risks of owning bonds

Get a free copy of the Zacks research report on Scorpio Bulkers (SALT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Scorpio Bulkers (NYSE:SALT)

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.