Trexquant Investment LP boosted its position in Scorpio Bulkers Inc. (NYSE:SALT) by 76.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,107 shares of the shipping company’s stock after buying an additional 43,336 shares during the period. Trexquant Investment LP owned approximately 0.13% of Scorpio Bulkers worth $711,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in Scorpio Bulkers by 42.9% in the first quarter. Goldman Sachs Group Inc. now owns 103,362 shares of the shipping company’s stock worth $951,000 after buying an additional 31,046 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in Scorpio Bulkers during the first quarter worth $2,489,000. Q Global Advisors LLC purchased a new stake in Scorpio Bulkers during the first quarter worth $1,621,000. Renaissance Technologies LLC raised its stake in Scorpio Bulkers by 17.9% in the first quarter. Renaissance Technologies LLC now owns 1,163,475 shares of the shipping company’s stock worth $10,704,000 after buying an additional 176,666 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in Scorpio Bulkers by 60.8% in the first quarter. Marshall Wace LLP now owns 712,261 shares of the shipping company’s stock worth $6,410,000 after buying an additional 269,403 shares in the last quarter. Institutional investors own 48.01% of the company’s stock.
Shares of Scorpio Bulkers Inc. (NYSE SALT) opened at 7.35 on Friday. Scorpio Bulkers Inc. has a one year low of $3.03 and a one year high of $10.14. The firm has a 50-day moving average of $7.21 and a 200 day moving average of $7.38. The stock’s market capitalization is $527.76 million.
Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $37.70 million during the quarter, compared to analysts’ expectations of $38.78 million. During the same period in the previous year, the company posted ($0.48) EPS. Scorpio Bulkers’s revenue for the quarter was up 116.7% on a year-over-year basis. On average, equities research analysts predict that Scorpio Bulkers Inc. will post ($0.70) EPS for the current year.
A number of analysts have recently weighed in on the stock. Jefferies Group LLC reiterated a “buy” rating and set a $14.00 target price on shares of Scorpio Bulkers in a report on Thursday, August 3rd. BidaskClub lowered shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Stifel Nicolaus reiterated a “hold” rating and set a $8.00 target price on shares of Scorpio Bulkers in a report on Tuesday, July 25th. Zacks Investment Research upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. Finally, Credit Suisse Group restated an “outperform” rating and issued a $10.00 price objective on shares of Scorpio Bulkers in a report on Sunday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $8.84.
About Scorpio Bulkers
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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