Citigroup Inc. Raises Safe Bulkers, Inc (SB) Price Target to $2.50
Safe Bulkers, Inc (NYSE:SB) had its price target boosted by Citigroup Inc. from $2.00 to $2.50 in a research note released on Thursday morning. Citigroup Inc. currently has a sell rating on the shipping company’s stock.
Other analysts have also issued reports about the stock. Maxim Group set a $5.00 target price on shares of Safe Bulkers and gave the company a buy rating in a research report on Thursday, October 19th. BidaskClub lowered shares of Safe Bulkers from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. Stifel Nicolaus reiterated a hold rating and set a $2.25 target price on shares of Safe Bulkers in a research report on Wednesday, July 19th. Finally, Zacks Investment Research upgraded shares of Safe Bulkers from a sell rating to a hold rating in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Safe Bulkers presently has a consensus rating of Hold and a consensus target price of $3.00.
Safe Bulkers (NYSE SB) traded up $0.04 during midday trading on Thursday, reaching $3.46. 560,902 shares of the company’s stock traded hands, compared to its average volume of 450,400. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 1.00. Safe Bulkers has a 52 week low of $1.09 and a 52 week high of $3.65.
Safe Bulkers (NYSE:SB) last posted its quarterly earnings results on Tuesday, October 31st. The shipping company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Safe Bulkers had a negative net margin of 2.01% and a negative return on equity of 2.10%. The company had revenue of $38.80 million for the quarter, compared to analyst estimates of $37.12 million. During the same period last year, the business posted ($0.15) EPS. The business’s quarterly revenue was up 37.6% on a year-over-year basis. research analysts forecast that Safe Bulkers will post -0.18 EPS for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in SB. Renaissance Technologies LLC lifted its holdings in Safe Bulkers by 335.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,269,600 shares of the shipping company’s stock valued at $2,793,000 after purchasing an additional 977,900 shares during the last quarter. Credit Suisse AG bought a new position in Safe Bulkers during the 1st quarter valued at about $140,000. Driehaus Capital Management LLC bought a new position in Safe Bulkers during the 1st quarter valued at about $569,000. Goldman Sachs Group Inc. lifted its holdings in Safe Bulkers by 57.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 472,963 shares of the shipping company’s stock valued at $1,041,000 after purchasing an additional 171,813 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. bought a new position in Safe Bulkers during the 2nd quarter valued at about $190,000. 19.00% of the stock is owned by hedge funds and other institutional investors.
About Safe Bulkers
Safe Bulkers, Inc is a holding company. The Company’s principal business is the acquisition, ownership and operation of drybulk vessels. The Company’s vessels operate across the world, carrying drybulk cargo for the consumers of marine drybulk transportation services. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along shipping routes across the world.
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