Safe Bulkers (NYSE:SB) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Safe Bulkers, Inc (NYSE:SB) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.97 and traded as high as $6.82. Safe Bulkers shares last traded at $6.7350, with a volume of 574,173 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Safe Bulkers from a “buy” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.00.

Safe Bulkers Stock Up 2.0%

The company has a debt-to-equity ratio of 0.60, a current ratio of 2.90 and a quick ratio of 2.63. The stock has a market capitalization of $704.06 million, a P/E ratio of 22.95 and a beta of 0.85. The firm has a 50-day simple moving average of $6.69 and a 200 day simple moving average of $5.97.

Hedge Funds Weigh In On Safe Bulkers

A number of hedge funds have recently made changes to their positions in SB. Fearnley Asset Management AS bought a new position in shares of Safe Bulkers during the fourth quarter worth about $5,112,000. Goldman Sachs Group Inc. raised its position in shares of Safe Bulkers by 30.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,651,114 shares of the shipping company’s stock worth $12,778,000 after acquiring an additional 617,711 shares during the last quarter. Millennium Management LLC bought a new position in shares of Safe Bulkers during the fourth quarter worth about $1,571,000. Lazard Asset Management LLC bought a new position in shares of Safe Bulkers during the first quarter worth about $1,625,000. Finally, Sei Investments Co. raised its position in shares of Safe Bulkers by 692.7% during the first quarter. Sei Investments Co. now owns 262,615 shares of the shipping company’s stock worth $1,662,000 after acquiring an additional 229,486 shares during the last quarter. 21.69% of the stock is currently owned by institutional investors.

About Safe Bulkers

Safe Bulkers Inc (NYSE: SB) is a dry bulk shipping company engaged in the ocean transport of commodities such as iron ore, coal, grain, and fertilizers. The company operates a modern fleet of vessels, including Panamax, Supramax and Kamsarmax bulk carriers, designed to serve a variety of trade routes and cargo types. Safe Bulkers’ fleet is employed under both time charter and voyage charter arrangements, offering flexibility to respond to market demand and optimize vessel utilization.

Founded in 2008, Safe Bulkers began trading its shares on the New York Stock Exchange in the same year, establishing itself as a publicly listed provider of dry bulk transportation services.