Safe Bulkers, Inc (NYSE:SB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, July 25th.
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. “
SB has been the subject of several other reports. Stifel Nicolaus restated a “hold” rating and issued a $2.25 price objective on shares of Safe Bulkers in a report on Wednesday, July 19th. Jefferies Group LLC restated a “hold” rating and issued a $2.50 price objective on shares of Safe Bulkers in a report on Tuesday, July 4th. TheStreet upgraded shares of Safe Bulkers from a “d+” rating to a “c-” rating in a report on Tuesday, June 13th. Finally, Morgan Stanley upgraded shares of Safe Bulkers from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $1.30 to $3.00 in a report on Tuesday, March 28th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Safe Bulkers has a consensus rating of “Hold” and an average price target of $2.56.
Safe Bulkers (NYSE SB) opened at 2.62 on Tuesday. The firm’s market capitalization is $265.57 million. Safe Bulkers has a 1-year low of $1.09 and a 1-year high of $2.75. The company’s 50-day moving average price is $2.43 and its 200-day moving average price is $2.01.
Safe Bulkers (NYSE:SB) last posted its earnings results on Wednesday, July 26th. The shipping company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The business had revenue of $35.01 million during the quarter, compared to the consensus estimate of $36.81 million. Safe Bulkers had a negative return on equity of 3.29% and a negative net margin of 26.74%. The firm’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.15) earnings per share. Equities research analysts expect that Safe Bulkers will post ($0.20) earnings per share for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers acquired a new position in Safe Bulkers during the second quarter valued at about $117,000. Credit Suisse AG acquired a new position in Safe Bulkers during the first quarter valued at about $140,000. Schwab Charles Investment Management Inc. acquired a new position in Safe Bulkers during the second quarter valued at about $190,000. Berson & Corrado Investment Advisors LLC acquired a new position in Safe Bulkers during the first quarter valued at about $221,000. Finally, Bank of New York Mellon Corp acquired a new position in Safe Bulkers during the second quarter valued at about $307,000. Hedge funds and other institutional investors own 14.85% 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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