Zacks: Brokerages Anticipate Safe Bulkers, Inc. (SB) Will Post Quarterly Sales of $48.02 Million

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Wall Street brokerages expect Safe Bulkers, Inc. (NYSE:SB) to announce sales of $48.02 million for the current quarter, according to Zacks. Three analysts have made estimates for Safe Bulkers’ earnings. The highest sales estimate is $49.28 million and the lowest is $47.20 million. Safe Bulkers posted sales of $37.32 million during the same quarter last year, which indicates a positive year-over-year growth rate of 28.7%. The firm is expected to issue its next earnings report on Tuesday, October 30th.

According to Zacks, analysts expect that Safe Bulkers will report full year sales of $185.67 million for the current financial year, with estimates ranging from $181.40 million to $190.42 million. For the next year, analysts expect that the business will report sales of $212.44 million, with estimates ranging from $199.67 million to $232.80 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Safe Bulkers.

Safe Bulkers (NYSE:SB) last released its quarterly earnings data on Wednesday, July 25th. The shipping company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.03). Safe Bulkers had a net margin of 11.47% and a return on equity of 21.84%. The company had revenue of $47.00 million during the quarter, compared to analyst estimates of $46.45 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Safe Bulkers’s revenue for the quarter was up 34.3% on a year-over-year basis.

Several equities analysts recently commented on the stock. TheStreet upgraded shares of Safe Bulkers from a “d+” rating to a “c-” rating in a research note on Wednesday, June 27th. Maxim Group restated a “buy” rating and issued a $6.00 price target on shares of Safe Bulkers in a research note on Monday, July 23rd. Zacks Investment Research downgraded shares of Safe Bulkers from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 1st. Seaport Global Securities upgraded shares of Safe Bulkers from a “neutral” rating to a “buy” rating and upped their price target for the company from $3.50 to $5.00 in a research note on Tuesday, July 31st. Finally, ValuEngine downgraded shares of Safe Bulkers from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $3.88.

Shares of NYSE:SB traded down $0.06 on Monday, hitting $2.54. The company had a trading volume of 339,465 shares, compared to its average volume of 225,423. Safe Bulkers has a 1-year low of $2.51 and a 1-year high of $3.99. The company has a market cap of $264.04 million, a P/E ratio of -15.88 and a beta of 2.39. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.93 and a quick ratio of 0.93.

Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its stake in Safe Bulkers by 20.9% during the second quarter. Renaissance Technologies LLC now owns 3,145,922 shares of the shipping company’s stock worth $10,696,000 after buying an additional 542,822 shares in the last quarter. BlackRock Inc. grew its stake in Safe Bulkers by 13.1% during the second quarter. BlackRock Inc. now owns 2,576,412 shares of the shipping company’s stock worth $8,760,000 after buying an additional 298,282 shares in the last quarter. Millennium Management LLC grew its stake in Safe Bulkers by 97.7% during the second quarter. Millennium Management LLC now owns 999,095 shares of the shipping company’s stock worth $3,397,000 after buying an additional 493,652 shares in the last quarter. UBS Group AG grew its stake in Safe Bulkers by 14.9% during the first quarter. UBS Group AG now owns 752,400 shares of the shipping company’s stock worth $2,385,000 after buying an additional 97,344 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Safe Bulkers by 5.0% during the second quarter. Northern Trust Corp now owns 424,684 shares of the shipping company’s stock worth $1,444,000 after buying an additional 20,129 shares in the last quarter. Institutional investors and hedge funds own 21.28% of the company’s stock.

Safe Bulkers Company Profile

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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