Safe Bulkers, Inc (NYSE:SB) Expected to Post Quarterly Sales of $33.82 Million
Equities analysts forecast that Safe Bulkers, Inc (NYSE:SB) will report $33.82 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Safe Bulkers’ earnings, with the lowest sales estimate coming in at $31.95 million and the highest estimate coming in at $36.11 million. Safe Bulkers reported sales of $26.24 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 28.9%. The firm is expected to report its next earnings results on Thursday, July 27th.
On average, analysts expect that Safe Bulkers will report full year sales of $33.82 million for the current year, with estimates ranging from $129.90 million to $150.54 million. For the next financial year, analysts expect that the company will post sales of $173.34 million per share, with estimates ranging from $142.60 million to $213.18 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Safe Bulkers.
Safe Bulkers (NYSE:SB) last announced its earnings results on Thursday, May 18th. The shipping company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.02. Safe Bulkers had a negative net margin of 35.00% and a negative return on equity of 4.35%. The company had revenue of $33.30 million during the quarter, compared to analyst estimates of $27.85 million. During the same quarter last year, the firm posted ($0.21) earnings per share. Safe Bulkers’s revenue was up 34.8% compared to the same quarter last year.
Several research firms have recently commented on SB. Jefferies Group LLC reiterated a “hold” rating and set a $2.50 target price on shares of Safe Bulkers in a research note on Tuesday. TheStreet upgraded Safe Bulkers from a “d+” rating to a “c-” rating in a research note on Tuesday, June 13th. Zacks Investment Research cut Safe Bulkers from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. Finally, Morgan Stanley upgraded Safe Bulkers from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $1.30 to $3.00 in a research note on Tuesday, March 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $1.92.
Several large investors have recently bought and sold shares of SB. EAM Investors LLC purchased a new stake in Safe Bulkers during the first quarter valued at about $683,000. Berson & Corrado Investment Advisors LLC purchased a new stake in Safe Bulkers during the first quarter valued at about $221,000. Renaissance Technologies LLC raised its stake in Safe Bulkers by 107.0% in the fourth quarter. Renaissance Technologies LLC now owns 291,700 shares of the shipping company’s stock valued at $335,000 after buying an additional 150,800 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Safe Bulkers during the fourth quarter valued at about $1,412,000. Finally, Driehaus Capital Management LLC purchased a new stake in Safe Bulkers during the first quarter valued at about $569,000. 15.27% of the stock is currently owned by institutional investors and hedge funds.
Shares of Safe Bulkers (SB) opened at 2.33 on Friday. The firm’s market cap is $231.33 million. The firm’s 50-day moving average is $2.17 and its 200-day moving average is $1.80. Safe Bulkers has a 12-month low of $1.01 and a 12-month high of $2.60.
About Safe Bulkers
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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