Northern Trust Corp raised its holdings in shares of Scorpio Bulkers Inc (NYSE:SALT) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 535,776 shares of the shipping company’s stock after buying an additional 13,846 shares during the period. Northern Trust Corp’s holdings in Scorpio Bulkers were worth $3,804,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the business. BlackRock Inc. lifted its position in shares of Scorpio Bulkers by 4.7% during the second quarter. BlackRock Inc. now owns 2,950,065 shares of the shipping company’s stock worth $20,944,000 after purchasing an additional 131,593 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Scorpio Bulkers by 33.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,210,420 shares of the shipping company’s stock worth $15,694,000 after purchasing an additional 550,727 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Scorpio Bulkers by 65.9% during the second quarter. Renaissance Technologies LLC now owns 1,494,252 shares of the shipping company’s stock worth $10,609,000 after purchasing an additional 593,760 shares in the last quarter. Millennium Management LLC lifted its position in shares of Scorpio Bulkers by 24.2% during the second quarter. Millennium Management LLC now owns 1,144,771 shares of the shipping company’s stock worth $8,128,000 after purchasing an additional 222,818 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of Scorpio Bulkers during the second quarter worth $962,000. 38.80% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:SALT opened at $5.88 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $425.24 million, a P/E ratio of -10.32 and a beta of 2.80. Scorpio Bulkers Inc has a 12-month low of $5.25 and a 12-month high of $8.45.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Wednesday, November 14th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.36%. Scorpio Bulkers’s dividend payout ratio (DPR) is presently -14.04%.
A number of research analysts have recently commented on the stock. Seaport Global Securities reissued a “buy” rating and set a $13.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, July 31st. B. Riley assumed coverage on shares of Scorpio Bulkers in a research report on Thursday, October 4th. They set a “buy” rating and a $9.50 target price on the stock. ValuEngine raised shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. JPMorgan Chase & Co. cut shares of Scorpio Bulkers from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research report on Wednesday, October 17th. Finally, Jefferies Financial Group reduced their target price on shares of Scorpio Bulkers from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, October 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $9.33.
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About Scorpio Bulkers
Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.
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