Zacks Investment Research lowered shares of Safe Bulkers, Inc (NYSE:SB) from a hold rating to a sell rating in a research note released on Wednesday morning.

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. “

A number of other research firms also recently issued reports on SB. TheStreet upgraded shares of Safe Bulkers from a d+ rating to a c- rating in a report on Tuesday, June 13th. 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 for the company. Jefferies Group LLC restated a hold rating and issued a $2.50 target price on shares of Safe Bulkers in a report on Tuesday, July 4th. Stifel Nicolaus restated a hold rating and issued a $2.25 target price on shares of Safe Bulkers in a report on Wednesday, July 19th. Finally, BidaskClub downgraded shares of Safe Bulkers from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $3.05.

Safe Bulkers (NYSE:SB) opened at 3.02 on Wednesday. The firm’s market capitalization is $306.12 million. The stock has a 50 day moving average of $3.01 and a 200 day moving average of $2.40. Safe Bulkers has a one year low of $1.09 and a one year high of $3.65.

Safe Bulkers (NYSE:SB) last issued its quarterly earnings results on Wednesday, July 26th. The shipping company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). Safe Bulkers had a negative return on equity of 3.34% and a negative net margin of 26.74%. The firm had revenue of $35.01 million for the quarter, compared to analysts’ expectations of $36.81 million. During the same quarter last year, the firm earned ($0.15) earnings per share. The business’s quarterly revenue was up 33.6% compared to the same quarter last year. Analysts forecast that Safe Bulkers will post ($0.20) earnings per share for the current year.

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A number of hedge funds have recently made changes to their positions in the business. Rhumbline Advisers acquired a new position in Safe Bulkers during the second quarter valued at approximately $117,000. New York State Common Retirement Fund acquired a new position in Safe Bulkers during the second quarter valued at approximately $117,000. Engineers Gate Manager LP acquired a new position in Safe Bulkers during the second quarter valued at approximately $131,000. Credit Suisse AG acquired a new position in Safe Bulkers during the first quarter valued at approximately $140,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in Safe Bulkers during the second quarter valued at approximately $190,000. 18.98% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Safe Bulkers (NYSE:SB)

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