Safe Bulkers (SB) Lifted to Buy at Zacks Investment Research

Safe Bulkers (NYSE:SB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, January 25th. The brokerage presently has a $4.25 price objective on the shipping company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 26.87% from the stock’s previous close.

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. “

A number of other brokerages have also recently commented on SB. Maxim Group set a $5.00 price objective on Safe Bulkers and gave the stock a “buy” rating in a research note on Thursday, October 19th. Citigroup lifted their price objective on Safe Bulkers from $2.00 to $2.50 and gave the stock a “sell” rating in a research note on Thursday, November 2nd. Stifel Nicolaus set a $2.00 price objective on Safe Bulkers and gave the stock a “hold” rating in a research note on Saturday, October 21st. Jefferies Group began coverage on Safe Bulkers in a research note on Monday, December 18th. They set a “hold” rating and a $3.00 price objective for the company. Finally, ValuEngine cut Safe Bulkers from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $3.46.

Shares of Safe Bulkers (SB) opened at $3.35 on Thursday. The company has a market capitalization of $326.92, a price-to-earnings ratio of -17.63 and a beta of 2.14. Safe Bulkers has a 52 week low of $1.23 and a 52 week high of $3.84. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.28 and a quick ratio of 2.28.

Large investors have recently bought and sold shares of the business. Evermore Global Advisors LLC lifted its holdings in shares of Safe Bulkers by 0.7% in the fourth quarter. Evermore Global Advisors LLC now owns 3,735,740 shares of the shipping company’s stock valued at $12,066,000 after purchasing an additional 25,972 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Safe Bulkers by 3.5% in the fourth quarter. BlackRock Inc. now owns 2,254,771 shares of the shipping company’s stock valued at $7,284,000 after purchasing an additional 75,927 shares in the last quarter. Cortina Asset Management LLC lifted its holdings in shares of Safe Bulkers by 35.5% in the fourth quarter. Cortina Asset Management LLC now owns 1,917,543 shares of the shipping company’s stock valued at $6,194,000 after purchasing an additional 501,958 shares in the last quarter. Signia Capital Management LLC bought a new stake in shares of Safe Bulkers in the fourth quarter valued at about $2,426,000. Finally, State Street Corp bought a new stake in shares of Safe Bulkers in the second quarter valued at about $1,088,000. 19.84% of the stock is owned by hedge funds and other institutional investors.

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Safe Bulkers Company Profile

Safe Bulkers, Inc is a holding company. The Company’s principal business is the acquisition, ownership and operation of drybulk vessels. The Company’s vessels operate across the world, carrying drybulk cargo for the consumers of marine drybulk transportation services. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along shipping routes across the world.

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