Safe Bulkers, Inc (SB) Stock Price Up 8%
Safe Bulkers, Inc (NYSE:SB) shares rose 8% during trading on Monday . The stock traded as high as $3.51 and last traded at $3.50. Approximately 660,351 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 600,742 shares. The stock had previously closed at $3.24.
SB has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Safe Bulkers from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $2.50 target price on shares of Safe Bulkers in a report on Tuesday, July 4th. BidaskClub downgraded shares of Safe Bulkers from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Maxim Group initiated coverage on shares of Safe Bulkers in a report on Monday, August 21st. They issued a “buy” rating and a $5.00 target price on the stock. Finally, TheStreet upgraded shares of Safe Bulkers from a “d+” rating to a “c-” rating in a report on Tuesday, June 13th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Safe Bulkers currently has a consensus rating of “Hold” and an average target price of $3.05.
The company’s market cap is $354.77 million. The stock has a 50-day moving average of $2.76 and a 200-day moving average of $2.23.
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 analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $35.01 million for the quarter, compared to analyst estimates of $36.81 million. Safe Bulkers had a negative return on equity of 3.34% and a negative net margin of 26.74%. The business’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) EPS. Analysts forecast that Safe Bulkers, Inc will post ($0.22) earnings per share for the current year.
A number of large investors have recently added to or reduced their stakes in SB. Phoenix Investment Adviser LLC increased its position in Safe Bulkers by 3.9% during the first quarter. Phoenix Investment Adviser LLC now owns 573,992 shares of the shipping company’s stock worth $1,263,000 after acquiring an additional 21,775 shares during the period. EAM Investors LLC bought a new position in Safe Bulkers during the first quarter worth about $683,000. Renaissance Technologies LLC increased its position in 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 acquiring an additional 977,900 shares during the period. KCG Holdings Inc. increased its position in Safe Bulkers by 342.8% during the first quarter. KCG Holdings Inc. now owns 350,905 shares of the shipping company’s stock worth $772,000 after acquiring an additional 271,650 shares during the period. Finally, Credit Suisse AG bought a new position in Safe Bulkers during the first quarter worth about $140,000. 18.98% of the stock is currently owned by institutional investors and hedge funds.
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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