Safe Bulkers, Inc (SB) Shares Down 6%
Safe Bulkers, Inc (NYSE:SB) fell 6% during mid-day trading on Tuesday . The company traded as low as $3.26 and last traded at $3.29. 1,398,041 shares traded hands during trading, an increase of 134% from the average session volume of 596,444 shares. The stock had previously closed at $3.50.
A number of brokerages have recently issued reports on SB. BidaskClub cut Safe Bulkers from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Stifel Nicolaus restated a “hold” rating and set a $2.25 price objective on shares of Safe Bulkers in a report on Wednesday, July 19th. Zacks Investment Research cut 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 price target on shares of Safe Bulkers in a research note on Tuesday, July 4th. Finally, Maxim Group assumed coverage on Safe Bulkers in a research note on Monday, August 21st. They issued a “buy” rating and a $5.00 price target for the company. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Safe Bulkers has an average rating of “Hold” and a consensus target price of $3.05.
The stock has a 50-day moving average price of $2.80 and a 200-day moving average price of $2.27. The company’s market cap is $343.62 million.
Safe Bulkers (NYSE:SB) last posted its earnings results on Wednesday, July 26th. The shipping company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The company had revenue of $35.01 million for the quarter, compared to analysts’ expectations 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 revenue was up 33.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.15) earnings per share. Equities analysts forecast that Safe Bulkers, Inc will post ($0.21) earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the business. EAM Investors LLC bought a new stake in shares of Safe Bulkers in the 1st quarter worth about $683,000. Goldman Sachs Group Inc. increased its stake in Safe Bulkers by 57.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 472,963 shares of the shipping company’s stock worth $1,041,000 after buying an additional 171,813 shares during the period. Renaissance Technologies LLC increased its stake in Safe Bulkers by 335.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,269,600 shares of the shipping company’s stock worth $2,793,000 after buying an additional 977,900 shares during the period. Driehaus Capital Management LLC purchased a new position in Safe Bulkers in the 1st quarter worth about $569,000. Finally, Evermore Global Advisors LLC increased its stake in Safe Bulkers by 35.1% in the 2nd quarter. Evermore Global Advisors LLC now owns 5,395,692 shares of the shipping company’s stock worth $12,356,000 after buying an additional 1,402,983 shares during the period. Institutional investors and hedge funds own 18.98% of the company’s stock.
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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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