Safe Bulkers (SB) Rating Lowered to Equal Weight at Morgan Stanley

Safe Bulkers (NYSE:SB) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Monday, MarketBeat Ratings reports. They currently have a $4.00 price objective on the shipping company’s stock. Morgan Stanley’s price objective indicates a potential upside of 19.40% from the stock’s current price.

Several other equities research analysts also recently commented on the company. Zacks Investment Research raised Safe Bulkers from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. Maxim Group set a $5.00 price target on Safe Bulkers and gave the stock a “buy” rating in a research note on Thursday, October 19th. Citigroup boosted their price target 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 target on Safe Bulkers and gave the stock a “hold” rating in a research note on Saturday, October 21st. Finally, Jefferies Group started coverage on Safe Bulkers in a research note on Monday, December 18th. They issued a “hold” rating and a $3.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $3.46.

Safe Bulkers (SB) traded up $0.13 during trading on Monday, reaching $3.35. The company’s stock had a trading volume of 423,606 shares, compared to its average volume of 445,945. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 1.00. Safe Bulkers has a twelve month low of $1.23 and a twelve month high of $3.84. The company has a market capitalization of $326.92, a P/E ratio of -17.63 and a beta of 2.14.

Several hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP raised its stake in shares of Safe Bulkers by 39.4% in the third quarter. Engineers Gate Manager LP now owns 79,580 shares of the shipping company’s stock worth $218,000 after purchasing an additional 22,498 shares during the last quarter. Evermore Global Advisors LLC raised its stake 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 worth $12,066,000 after purchasing an additional 25,972 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Safe Bulkers by 267.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 38,005 shares of the shipping company’s stock worth $123,000 after purchasing an additional 27,653 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Safe Bulkers by 158.2% in the fourth quarter. Wells Fargo & Company MN now owns 49,144 shares of the shipping company’s stock worth $159,000 after purchasing an additional 30,113 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Safe Bulkers in the third quarter worth $101,000. Hedge funds and other institutional investors own 19.84% of the company’s stock.

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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.

Analyst Recommendations for Safe Bulkers (NYSE:SB)

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