California Public Employees Retirement System Sells 19,800 Shares of Safe Bulkers, Inc (NYSE:SB)
California Public Employees Retirement System cut its position in shares of Safe Bulkers, Inc (NYSE:SB) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 458,300 shares of the shipping company’s stock after selling 19,800 shares during the period. California Public Employees Retirement System’s holdings in Safe Bulkers were worth $1,008,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in SB. EAM Investors LLC purchased a new stake in Safe Bulkers during the first quarter valued at $683,000. Renaissance Technologies LLC boosted its stake in Safe Bulkers by 107.0% in the fourth quarter. Renaissance Technologies LLC now owns 291,700 shares of the shipping company’s stock valued at $335,000 after buying an additional 150,800 shares during the period. Finally, Phoenix Investment Adviser LLC boosted its stake in Safe Bulkers by 3.9% in the first quarter. Phoenix Investment Adviser LLC now owns 573,992 shares of the shipping company’s stock valued at $1,263,000 after buying an additional 21,775 shares during the period. Institutional investors own 14.84% of the company’s stock.
Safe Bulkers, Inc (NYSE:SB) traded up 1.97% during mid-day trading on Friday, hitting $2.59. 343,718 shares of the stock traded hands. The company’s market cap is $262.53 million. Safe Bulkers, Inc has a 12-month low of $1.09 and a 12-month high of $2.75. The firm’s 50-day moving average is $2.51 and its 200-day moving average is $2.07.
Safe Bulkers (NYSE:SB) last posted its quarterly earnings data on Wednesday, July 26th. The shipping company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $35.01 million during the quarter, compared to analyst estimates of $36.81 million. Safe Bulkers had a negative net margin of 26.74% and a negative return on equity of 3.34%. The business’s quarterly revenue was up 33.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.15) EPS. Equities research analysts expect that Safe Bulkers, Inc will post ($0.22) EPS for the current year.
SB has been the subject of several analyst reports. Jefferies Group LLC increased their price target on shares of Safe Bulkers from $1.50 to $2.50 and gave the company a “hold” rating in a research note on Monday, April 24th. Zacks Investment Research raised shares of Safe Bulkers from a “hold” rating to a “buy” rating and set a $2.50 price target for the company in a research note on Friday, April 21st. BidaskClub cut shares of Safe Bulkers from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. TheStreet raised shares of Safe Bulkers from a “d+” rating to a “c-” rating in a research note on Tuesday, June 13th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $2.25 price target on shares of Safe Bulkers in a research note on Wednesday, July 19th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. Safe Bulkers presently has a consensus rating of “Hold” and an average price target of $2.56.
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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