Safe Bulkers (NYSE:SB) had its target price dropped by research analysts at Morgan Stanley from $3.70 to $3.50 in a research report issued on Tuesday. The brokerage currently has an “equal weight” rating on the shipping company’s stock. Morgan Stanley’s target price suggests a potential upside of 11.82% from the company’s previous close.
A number of other equities research analysts have also issued reports on the stock. Maxim Group restated a “buy” rating and issued a $5.50 target price (up previously from $5.00) on shares of Safe Bulkers in a research note on Thursday, February 15th. Jefferies Group initiated coverage on shares of Safe Bulkers in a research note on Monday, December 18th. They issued a “hold” rating and a $3.00 target price on the stock. Zacks Investment Research upgraded shares of Safe Bulkers from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a research note on Thursday, January 25th. Stifel Nicolaus set a $3.00 target price on shares of Safe Bulkers and gave the company a “hold” rating in a research note on Thursday, February 15th. Finally, ValuEngine lowered shares of Safe Bulkers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, April 4th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $3.71.
Shares of Safe Bulkers stock opened at $3.13 on Tuesday. The stock has a market capitalization of $319.84, a PE ratio of -19.56 and a beta of 1.94. The company has a current ratio of 2.14, a quick ratio of 2.03 and a debt-to-equity ratio of 1.19. Safe Bulkers has a 1 year low of $1.76 and a 1 year high of $3.99.
Safe Bulkers (NYSE:SB) last issued its earnings results on Wednesday, February 14th. The shipping company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $44.00 million for the quarter, compared to analyst estimates of $38.12 million. Safe Bulkers had a net margin of 3.26% and a return on equity of 16.52%. The company’s revenue for the quarter was up 33.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) EPS. sell-side analysts forecast that Safe Bulkers will post 0.18 earnings per share for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its stake in Safe Bulkers by 267.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 38,005 shares of the shipping company’s stock worth $123,000 after acquiring an additional 27,653 shares during the period. Macquarie Group Ltd. acquired a new stake in Safe Bulkers during the third quarter worth about $142,000. Wells Fargo & Company MN raised its stake in Safe Bulkers by 158.2% during the fourth quarter. Wells Fargo & Company MN now owns 49,144 shares of the shipping company’s stock worth $159,000 after acquiring an additional 30,113 shares during the period. California State Teachers Retirement System acquired a new stake in Safe Bulkers during the second quarter worth about $195,000. Finally, Vanguard Group Inc. acquired a new stake in Safe Bulkers during the second quarter worth about $223,000. Hedge funds and other institutional investors own 22.40% of the company’s stock.
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Safe Bulkers Company Profile
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.
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