HC Wainwright Initiates Coverage on Safe Bulkers (NYSE:SB)

Equities research analysts at HC Wainwright initiated coverage on shares of Safe Bulkers (NYSE:SB) in a research report issued on Monday, Analyst Ratings Network reports. The brokerage set a “buy” rating and a $6.50 price target on the shipping company’s stock. HC Wainwright’s price target would suggest a potential upside of 32.65% from the stock’s current price.

Separately, Zacks Investment Research cut shares of Safe Bulkers from a “strong-buy” rating to a “hold” rating in a report on Friday, July 23rd. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $4.19.

NYSE SB opened at $4.90 on Monday. Safe Bulkers has a 12 month low of $0.82 and a 12 month high of $5.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.53 and a quick ratio of 2.39. The company has a market capitalization of $585.49 million, a price-to-earnings ratio of 10.00 and a beta of 0.84. The company’s fifty day moving average price is $3.63 and its two-hundred day moving average price is $3.43.

Safe Bulkers (NYSE:SB) last issued its quarterly earnings data on Tuesday, July 27th. The shipping company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The firm had revenue of $78.15 million for the quarter, compared to the consensus estimate of $70.27 million. Safe Bulkers had a net margin of 26.06% and a return on equity of 13.41%. As a group, analysts anticipate that Safe Bulkers will post 1.18 EPS for the current year.

Several large investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in shares of Safe Bulkers by 8.3% in the 2nd quarter. Renaissance Technologies LLC now owns 5,493,470 shares of the shipping company’s stock valued at $22,029,000 after purchasing an additional 421,084 shares in the last quarter. BlackRock Inc. lifted its position in Safe Bulkers by 5.1% during the 1st quarter. BlackRock Inc. now owns 2,897,493 shares of the shipping company’s stock worth $7,099,000 after buying an additional 141,645 shares in the last quarter. Millennium Management LLC lifted its position in Safe Bulkers by 1,369.0% during the 2nd quarter. Millennium Management LLC now owns 2,373,529 shares of the shipping company’s stock worth $9,518,000 after buying an additional 2,211,952 shares in the last quarter. Marshall Wace North America L.P. acquired a new position in Safe Bulkers during the 2nd quarter worth about $6,290,000. Finally, SG Americas Securities LLC acquired a new position in Safe Bulkers during the 2nd quarter worth about $6,014,000. Institutional investors own 27.70% of the company’s stock.

About Safe Bulkers

Safe Bulkers, Inc is a holding company, which engages in the ownership and operation of dry bulk vessels. The firm offers marine dry bulk transportation services, transporting bulk cargoes, particularly coal, grain, and iron ore. Its fleet include Panamax, Kamsarmax, Post-Panamax, and Capesize class vessels.

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