Scorpio Bulkers Sees Unusually High Options Volume (SALT)

Scorpio Bulkers Inc (NYSE:SALT) was the recipient of some unusual options trading activity on Tuesday. Stock traders acquired 4,340 call options on the company. This is an increase of 8,246% compared to the average daily volume of 52 call options.

Scorpio Bulkers (NYSE SALT) opened at $7.30 on Friday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.54. Scorpio Bulkers has a fifty-two week low of $4.55 and a fifty-two week high of $10.14.

Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings results 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). Scorpio Bulkers had a negative net margin of 57.43% and a negative return on equity of 6.51%. The firm had revenue of $38.60 million during the quarter, compared to the consensus estimate of $40.04 million. During the same period in the previous year, the business earned ($0.60) earnings per share. The firm’s revenue for the quarter was up 61.5% on a year-over-year basis. equities analysts expect that Scorpio Bulkers will post -0.58 EPS for the current fiscal year.

Scorpio Bulkers declared that its Board of Directors has approved a stock buyback plan on Wednesday, September 13th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the shipping company to repurchase up to 10.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

The company also recently declared a special dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. Scorpio Bulkers’s payout ratio is -1.80%.

A number of large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in Scorpio Bulkers by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock valued at $1,408,000 after purchasing an additional 508 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in 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 valued at $326,000 after purchasing an additional 1,291 shares during the period. Vanguard Group Inc. boosted its holdings in Scorpio Bulkers by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock valued at $872,000 after purchasing an additional 2,242 shares during the period. Teachers Advisors LLC boosted its holdings in Scorpio Bulkers by 2.4% in the 2nd quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock valued at $750,000 after purchasing an additional 2,439 shares during the period. Finally, Phoenix Investment Adviser LLC boosted its holdings in Scorpio Bulkers by 2.2% in the 2nd quarter. Phoenix Investment Adviser LLC now owns 139,500 shares of the shipping company’s stock valued at $990,000 after purchasing an additional 3,000 shares during the period. 40.42% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently commented on SALT. Zacks Investment Research raised shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 price objective for the company in a report on Friday, September 29th. BidaskClub downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. ValuEngine downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $9.00 price objective on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $9.50.

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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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