Safe Bulkers (SB) Shares Down 10.1% on Disappointing Earnings

Safe Bulkers, Inc. (NYSE:SB) shares traded down 10.1% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $1.50 and last traded at $1.51. 811,126 shares traded hands during trading, an increase of 109% from the average session volume of 388,674 shares. The stock had previously closed at $1.68.

The shipping company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). Safe Bulkers had a net margin of 11.41% and a return on equity of 25.12%. The firm had revenue of $52.57 million for the quarter, compared to analysts’ expectations of $52.04 million.

A number of research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Safe Bulkers from a “strong sell” rating to a “hold” rating in a research note on Saturday, October 27th. Maxim Group reduced their price target on shares of Safe Bulkers to $3.50 and set a “buy” rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group upgraded shares of Safe Bulkers from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Friday, November 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $3.86.

A number of hedge funds and other institutional investors have recently made changes to their positions in SB. SG Americas Securities LLC bought a new stake in Safe Bulkers in the 4th quarter valued at $37,000. MCF Advisors LLC bought a new stake in Safe Bulkers in the 4th quarter valued at $50,000. ClariVest Asset Management LLC bought a new stake in Safe Bulkers in the 3rd quarter valued at $121,000. Rhumbline Advisers increased its holdings in shares of Safe Bulkers by 40.6% in the 4th quarter. Rhumbline Advisers now owns 69,840 shares of the shipping company’s stock worth $124,000 after buying an additional 20,183 shares during the last quarter. Finally, GSA Capital Partners LLP increased its holdings in shares of Safe Bulkers by 198.0% in the 3rd quarter. GSA Capital Partners LLP now owns 53,700 shares of the shipping company’s stock worth $155,000 after buying an additional 35,682 shares during the last quarter. Institutional investors own 19.79% of the company’s stock.

The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $162.49 million, a price-to-earnings ratio of -9.44 and a beta of 1.68.

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About Safe Bulkers (NYSE:SB)

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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