Safe Bulkers, Inc (SB) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Safe Bulkers, Inc (NYSE:SB) from a sell rating to a hold rating in a research report report published on Wednesday.
According to Zacks, “SAFE BULKERS is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world’s largest consumers of marine drybulk transportation services. “
A number of other analysts also recently issued reports on SB. Stifel Nicolaus reaffirmed a hold rating and set a $2.25 price target on shares of Safe Bulkers in a report on Wednesday, July 19th. TheStreet raised Safe Bulkers from a d+ rating to a c- rating in a report on Tuesday, June 13th. BidaskClub downgraded Safe Bulkers from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Maxim Group began coverage on Safe Bulkers in a research report on Monday, August 21st. They set a buy rating and a $5.00 target price on the stock. Finally, Jefferies Group LLC reiterated a hold rating and set a $2.50 target price on shares of Safe Bulkers in a research report on Tuesday, July 4th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $3.05.
Shares of Safe Bulkers (NYSE:SB) traded down 4.86% on Wednesday, reaching $2.74. The company had a trading volume of 605,209 shares. The company has a 50 day moving average of $3.01 and a 200-day moving average of $2.40. The company’s market capitalization is $277.73 million. Safe Bulkers has a 52 week low of $1.09 and a 52 week high of $3.65.
Safe Bulkers (NYSE:SB) last announced its quarterly earnings results on Wednesday, July 26th. The shipping company reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.02). The business had revenue of $35.01 million for the quarter, compared to analysts’ expectations of $36.81 million. Safe Bulkers had a negative return on equity of 3.34% and a negative net margin of 26.74%. The firm’s quarterly revenue was up 33.6% on a year-over-year basis. During the same period last year, the firm earned ($0.15) earnings per share. Analysts predict that Safe Bulkers will post ($0.20) earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of SB. Evermore Global Advisors LLC increased its position in shares of Safe Bulkers by 35.1% during the second quarter. Evermore Global Advisors LLC now owns 5,395,692 shares of the shipping company’s stock worth $12,356,000 after purchasing an additional 1,402,983 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Safe Bulkers by 335.2% during the first quarter. Renaissance Technologies LLC now owns 1,269,600 shares of the shipping company’s stock worth $2,793,000 after purchasing an additional 977,900 shares in the last quarter. State Street Corp acquired a new stake in shares of Safe Bulkers during the second quarter worth about $1,088,000. Northern Trust Corp acquired a new stake in shares of Safe Bulkers during the second quarter worth about $943,000. Finally, EAM Investors LLC acquired a new stake in shares of Safe Bulkers during the first quarter worth about $683,000. Institutional investors and hedge funds own 18.98% of the company’s stock.
Safe Bulkers Company Profile
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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