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

Safe Bulkers, Inc. (NYSE:SB)’s share price was down 10.1% on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $1.50 and last traded at $1.51. Approximately 811,126 shares were traded during trading, an increase of 109% from the average daily 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 the consensus estimate of $0.09 by ($0.02). Safe Bulkers had a net margin of 11.41% and a return on equity of 25.12%. The business had revenue of $52.57 million for the quarter, compared to analyst estimates of $52.04 million.

Several analysts have recently weighed in on SB shares. Maxim Group decreased their target price on shares of Safe Bulkers to $3.50 and set a “buy” rating on the stock in a research report on Wednesday. Jefferies Financial Group upgraded shares of Safe Bulkers from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Friday, November 9th. Finally, Zacks Investment Research upgraded shares of Safe Bulkers from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $3.86.

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

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

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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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