Millennium Management LLC Raises Position in Scorpio Bulkers Inc (NYSE:SALT)

Millennium Management LLC raised its stake in Scorpio Bulkers Inc (NYSE:SALT) by 64.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 726,353 shares of the shipping company’s stock after buying an additional 285,141 shares during the quarter. Millennium Management LLC’s holdings in Scorpio Bulkers were worth $4,416,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SALT. Mraz Amerine & Associates Inc. raised its stake in shares of Scorpio Bulkers by 26.0% in the second quarter. Mraz Amerine & Associates Inc. now owns 46,800 shares of the shipping company’s stock worth $215,000 after purchasing an additional 9,650 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Scorpio Bulkers by 111.0% in the second quarter. JPMorgan Chase & Co. now owns 476,284 shares of the shipping company’s stock worth $2,143,000 after purchasing an additional 250,583 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Scorpio Bulkers by 96.6% in the second quarter. Bank of Montreal Can now owns 11,909 shares of the shipping company’s stock worth $55,000 after purchasing an additional 5,850 shares during the last quarter. Hourglass Capital LLC raised its stake in shares of Scorpio Bulkers by 12.5% in the second quarter. Hourglass Capital LLC now owns 875,000 shares of the shipping company’s stock worth $4,025,000 after purchasing an additional 97,500 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Scorpio Bulkers by 12.0% in the second quarter. Renaissance Technologies LLC now owns 1,527,192 shares of the shipping company’s stock worth $7,025,000 after purchasing an additional 164,083 shares during the last quarter. 34.92% of the stock is owned by hedge funds and other institutional investors.

Shares of SALT opened at $5.91 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $442.18 million, a price-to-earnings ratio of -197.00 and a beta of 2.33. The stock has a 50 day moving average of $6.18 and a 200 day moving average of $5.84. Scorpio Bulkers Inc has a 12 month low of $3.57 and a 12 month high of $7.78.

Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Wednesday, October 23rd. The shipping company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. The company had revenue of $63.20 million during the quarter, compared to the consensus estimate of $60.63 million. Scorpio Bulkers had a negative return on equity of 0.74% and a net margin of 9.74%. Scorpio Bulkers’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the business posted $0.02 earnings per share. As a group, equities research analysts predict that Scorpio Bulkers Inc will post -0.28 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were given 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 was Thursday, November 14th. Scorpio Bulkers’s payout ratio is -266.67%.

A number of analysts recently commented on SALT shares. 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 report on Wednesday, October 30th. ValuEngine raised Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Monday, November 25th. Noble Financial set a $8.50 price target on Scorpio Bulkers and gave the company a “buy” rating in a research report on Tuesday, September 24th. B. Riley reaffirmed a “buy” rating on shares of Scorpio Bulkers in a research report on Tuesday, October 15th. Finally, Pareto Securities downgraded Scorpio Bulkers from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $8.38.

Scorpio Bulkers 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.

Read More: Depreciation

Want to see what other hedge funds are holding SALT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Scorpio Bulkers Inc (NYSE:SALT).

Institutional Ownership by Quarter 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.