Safe Bulkers (NYSE:SB) Downgraded by Zacks Investment Research to Hold

Share on StockTwits

Zacks Investment Research downgraded shares of Safe Bulkers (NYSE:SB) from a buy rating to a hold rating in a report released on Tuesday, June 12th.

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. “

Several other equities analysts also recently weighed in on SB. Morgan Stanley downgraded Safe Bulkers from an overweight rating to an equal weight rating and set a $4.00 target price on the stock. in a research report on Monday, February 12th. Maxim Group restated a buy rating and issued a $5.50 price objective (up from $5.00) on shares of Safe Bulkers in a report on Thursday, February 15th. Stifel Nicolaus set a $3.00 price objective on Safe Bulkers and gave the stock a hold rating in a report on Thursday, February 15th. ValuEngine downgraded Safe Bulkers from a sell rating to a strong sell rating in a report on Wednesday, April 4th. Finally, TheStreet downgraded Safe Bulkers from a c rating to a d+ rating in a report on Tuesday, April 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $3.50.

Safe Bulkers opened at $3.77 on Tuesday, MarketBeat reports. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $386.85 million, a price-to-earnings ratio of -23.56 and a beta of 2.01. Safe Bulkers has a fifty-two week low of $2.13 and a fifty-two week high of $3.99.

Safe Bulkers (NYSE:SB) last posted its quarterly earnings data on Tuesday, May 29th. The shipping company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Safe Bulkers had a return on equity of 19.41% and a net margin of 8.77%. The business had revenue of $43.50 million for the quarter, compared to analyst estimates of $43.70 million. During the same quarter last year, the company earned ($0.07) earnings per share. The business’s revenue for the quarter was up 30.6% compared to the same quarter last year. equities analysts predict that Safe Bulkers will post 0.22 EPS for the current year.

A number of institutional investors have recently made changes to their positions in SB. Wells Fargo & Company MN raised its stake in Safe Bulkers by 158.2% during the 4th quarter. Wells Fargo & Company MN now owns 49,144 shares of the shipping company’s stock valued at $159,000 after acquiring an additional 30,113 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Safe Bulkers by 267.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 38,005 shares of the shipping company’s stock worth $123,000 after buying an additional 27,653 shares in the last quarter. BlackRock Inc. raised its stake in shares of Safe Bulkers by 3.5% in the 4th quarter. BlackRock Inc. now owns 2,254,771 shares of the shipping company’s stock worth $7,284,000 after buying an additional 75,927 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Safe Bulkers in the 4th quarter worth $259,000. Finally, Cortina Asset Management LLC raised its stake in shares of Safe Bulkers by 35.5% in the 4th quarter. Cortina Asset Management LLC now owns 1,917,543 shares of the shipping company’s stock worth $6,194,000 after buying an additional 501,958 shares in the last quarter. 20.43% of the stock is currently owned by hedge funds and other institutional investors.

About Safe Bulkers

Safe Bulkers, Inc provides marine drybulk transportation services worldwide. It is involved in the acquisition, ownership, and operation of drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. As of February 9, 2018, the company had a fleet of 39 drybulk vessels with an aggregate carrying capacity of 3,513,800 deadweight tons.

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

Analyst Recommendations for Safe Bulkers (NYSE:SB)

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.

Leave a Reply