Zacks Investment Research Upgrades Safe Bulkers (NYSE:SB) to “Hold”

Safe Bulkers (NYSE:SB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

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. “

Separately, ValuEngine upgraded Safe Bulkers from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $3.33.

NYSE SB traded up $0.04 during trading hours on Wednesday, reaching $1.71. 189,296 shares of the company’s stock were exchanged, compared to its average volume of 325,640. The stock has a market cap of $179.25 million, a PE ratio of 10.06 and a beta of 1.60. Safe Bulkers has a one year low of $1.28 and a one year high of $2.48. The firm has a fifty day moving average of $1.81 and a 200-day moving average of $1.78. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.09.

Safe Bulkers (NYSE:SB) last released its quarterly earnings results on Thursday, October 24th. The shipping company reported $0.03 EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.02). The business had revenue of $47.13 million for the quarter, compared to the consensus estimate of $48.67 million. Safe Bulkers had a return on equity of 4.92% and a net margin of 11.05%. As a group, research analysts forecast that Safe Bulkers will post 0.1 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in SB. Ruffer LLP acquired a new position in shares of Safe Bulkers in the 2nd quarter valued at $700,000. Renaissance Technologies LLC lifted its stake in shares of Safe Bulkers by 4.3% in the 2nd quarter. Renaissance Technologies LLC now owns 3,596,495 shares of the shipping company’s stock valued at $5,611,000 after purchasing an additional 148,795 shares during the period. SG Americas Securities LLC lifted its stake in shares of Safe Bulkers by 206.4% in the 3rd quarter. SG Americas Securities LLC now owns 79,387 shares of the shipping company’s stock valued at $139,000 after purchasing an additional 53,480 shares during the period. Parametric Portfolio Associates LLC lifted its stake in shares of Safe Bulkers by 73.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 110,003 shares of the shipping company’s stock valued at $172,000 after purchasing an additional 46,480 shares during the period. Finally, Marshall Wace North America L.P. acquired a new position in shares of Safe Bulkers in the 2nd quarter valued at $48,000. Hedge funds and other institutional investors own 14.92% of the company’s stock.

About Safe Bulkers

Safe Bulkers, Inc provides marine drybulk transportation services worldwide. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. As of February 14, 2019, the company had a fleet of 41 drybulk vessels having an average age of 8.5 years; and an aggregate carrying capacity of 3.8 million deadweight tons.

Featured Story: Bid-Ask Spread

Get a free copy of the Zacks research report on Safe Bulkers (SB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Safe Bulkers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Safe Bulkers and related companies with MarketBeat.com's FREE daily email newsletter.