$36.76 Million in Sales Expected for Safe Bulkers, Inc (SB) This Quarter
Brokerages expect that Safe Bulkers, Inc (NYSE:SB) will announce sales of $36.76 million for the current quarter, according to Zacks. Three analysts have made estimates for Safe Bulkers’ earnings. The lowest sales estimate is $33.40 million and the highest is $39.76 million. Safe Bulkers reported sales of $31.71 million in the same quarter last year, which indicates a positive year over year growth rate of 15.9%. The company is scheduled to report its next quarterly earnings report on Thursday, February 22nd.
According to Zacks, analysts expect that Safe Bulkers will report full-year sales of $36.76 million for the current financial year, with estimates ranging from $124.42 million to $143.86 million. For the next year, analysts forecast that the business will report sales of $168.75 million per share, with estimates ranging from $143.80 million to $211.19 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Safe Bulkers.
Safe Bulkers (NYSE:SB) last posted its earnings results on Tuesday, October 31st. The shipping company reported ($0.05) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.05). Safe Bulkers had a negative net margin of 2.01% and a negative return on equity of 2.08%. The company had revenue of $38.80 million during the quarter, compared to analysts’ expectations of $37.12 million. During the same quarter in the prior year, the company posted ($0.15) earnings per share. Safe Bulkers’s revenue for the quarter was up 37.6% compared to the same quarter last year.
Several brokerages have recently issued reports on SB. Zacks Investment Research cut shares of Safe Bulkers from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Maxim Group set a $5.00 target price on shares of Safe Bulkers and gave the company a “buy” rating in a report on Thursday, October 19th. BidaskClub cut shares of Safe Bulkers from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, Stifel Nicolaus set a $2.00 target price on shares of Safe Bulkers and gave the company a “hold” rating in a report on Saturday, October 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $3.00.
A number of hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new stake in Safe Bulkers in the 2nd quarter valued at $117,000. New York State Common Retirement Fund purchased a new position in Safe Bulkers during the 2nd quarter worth $117,000. Engineers Gate Manager LP purchased a new position in Safe Bulkers during the 2nd quarter worth $131,000. Credit Suisse AG purchased a new position in Safe Bulkers during the 1st quarter worth $140,000. Finally, Nationwide Fund Advisors raised its position in Safe Bulkers by 282.8% during the 3rd quarter. Nationwide Fund Advisors now owns 100,618 shares of the shipping company’s stock worth $276,000 after buying an additional 74,335 shares during the last quarter. Hedge funds and other institutional investors own 19.00% of the company’s stock.
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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