Safe Bulkers (NYSE:SB) Stock Rating Upgraded by Zacks Research

Safe Bulkers (NYSE:SB) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Safe Bulkers Trading Down 1.7%

Safe Bulkers stock opened at $4.45 on Monday. The firm has a 50 day simple moving average of $4.33 and a 200-day simple moving average of $3.89. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.70 and a quick ratio of 1.70. The stock has a market capitalization of $454.81 million, a PE ratio of 10.34 and a beta of 1.30. Safe Bulkers has a 12-month low of $3.02 and a 12-month high of $5.21.

Safe Bulkers (NYSE:SB) last posted its quarterly earnings data on Tuesday, July 29th. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.07). The company had revenue of $65.75 million during the quarter, compared to the consensus estimate of $60.40 million. Safe Bulkers had a net margin of 19.25% and a return on equity of 5.80%. As a group, equities research analysts expect that Safe Bulkers will post 0.62 EPS for the current fiscal year.

Institutional Trading of Safe Bulkers

Large investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund boosted its holdings in Safe Bulkers by 14.0% during the first quarter. New York State Common Retirement Fund now owns 243,159 shares of the shipping company’s stock worth $897,000 after buying an additional 29,800 shares in the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of Safe Bulkers in the 1st quarter valued at approximately $248,000. Millennium Management LLC lifted its position in shares of Safe Bulkers by 128.7% in the 4th quarter. Millennium Management LLC now owns 288,541 shares of the shipping company’s stock valued at $1,030,000 after acquiring an additional 162,351 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Safe Bulkers by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 17,008 shares of the shipping company’s stock valued at $61,000 after acquiring an additional 5,596 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Safe Bulkers by 6.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,630,636 shares of the shipping company’s stock valued at $6,017,000 after acquiring an additional 91,662 shares in the last quarter. 21.69% of the stock is currently owned by institutional investors.

Safe Bulkers Company Profile

Safe Bulkers, Inc, together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. The company has a fleet of 47 drybulk vessels having an aggregate carrying capacity of 4,719,600 deadweight tons.