Safe Bulkers (SB) Rating Lowered to Strong Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Safe Bulkers (NYSE:SB) from a hold rating to a strong sell rating in a report released on Thursday, October 4th.
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. “
Other equities research analysts have also issued reports about the stock. ValuEngine lowered shares of Safe Bulkers from a hold rating to a sell rating in a report on Tuesday, August 28th. TheStreet raised shares of Safe Bulkers from a d+ rating to a c- rating in a report on Wednesday, June 27th. Seaport Global Securities raised shares of Safe Bulkers from a neutral rating to a buy rating and upped their price objective for the company from $3.50 to $5.00 in a research note on Tuesday, July 31st. Finally, Maxim Group reaffirmed a buy rating and issued a $6.00 price objective on shares of Safe Bulkers in a research note on Monday, July 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Safe Bulkers currently has an average rating of Hold and an average target price of $3.88.
Shares of NYSE:SB traded up $0.09 during midday trading on Thursday, hitting $2.64. The stock had a trading volume of 473,800 shares, compared to its average volume of 418,361. The stock has a market capitalization of $258.96 million, a PE ratio of -16.75 and a beta of 2.39. Safe Bulkers has a fifty-two week low of $2.31 and a fifty-two week high of $3.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.08.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SB. BlackRock Inc. raised its holdings in shares of Safe Bulkers by 1.0% in the first quarter. BlackRock Inc. now owns 2,278,130 shares of the shipping company’s stock valued at $7,222,000 after purchasing an additional 23,359 shares during the last quarter. UBS Group AG raised its holdings in shares of Safe Bulkers by 14.9% in the first quarter. UBS Group AG now owns 752,400 shares of the shipping company’s stock valued at $2,385,000 after purchasing an additional 97,344 shares during the last quarter. A.R.T. Advisors LLC purchased a new stake in shares of Safe Bulkers in the first quarter valued at about $120,000. Element Capital Management LLC purchased a new stake in shares of Safe Bulkers in the first quarter valued at about $141,000. Finally, Millennium Management LLC raised its holdings in shares of Safe Bulkers by 375.5% in the first quarter. Millennium Management LLC now owns 505,443 shares of the shipping company’s stock valued at $1,602,000 after purchasing an additional 399,141 shares during the last quarter. Hedge funds and other institutional investors own 21.23% of the company’s stock.