Fearnley Asset Management AS Takes Position in Safe Bulkers, Inc $SB

Fearnley Asset Management AS purchased a new stake in shares of Safe Bulkers, Inc (NYSE:SB) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,060,598 shares of the shipping company’s stock, valued at approximately $5,112,000. Safe Bulkers makes up approximately 2.3% of Fearnley Asset Management AS’s portfolio, making the stock its 16th largest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its position in Safe Bulkers by 30.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,651,114 shares of the shipping company’s stock worth $12,778,000 after purchasing an additional 617,711 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Safe Bulkers in the 4th quarter worth approximately $1,571,000. Boothbay Fund Management LLC bought a new stake in shares of Safe Bulkers during the 3rd quarter worth $629,000. UBS Group AG grew its holdings in shares of Safe Bulkers by 17.3% in the 4th quarter. UBS Group AG now owns 806,379 shares of the shipping company’s stock worth $3,887,000 after acquiring an additional 118,681 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Safe Bulkers in the 4th quarter worth $564,000. Institutional investors and hedge funds own 21.69% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Safe Bulkers from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $6.00.

Safe Bulkers Stock Down 0.5%

Shares of Safe Bulkers stock opened at $6.67 on Friday. The stock has a 50-day moving average price of $6.70 and a 200 day moving average price of $6.02. The company has a market cap of $681.56 million, a P/E ratio of 14.81 and a beta of 0.85. The company has a current ratio of 2.90, a quick ratio of 2.63 and a debt-to-equity ratio of 0.60. Safe Bulkers, Inc has a 1 year low of $3.56 and a 1 year high of $7.38.

Safe Bulkers (NYSE:SB) last posted its quarterly earnings results on Wednesday, June 17th. The shipping company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.08. The business had revenue of $74.39 million during the quarter, compared to analyst estimates of $65.50 million. Safe Bulkers had a net margin of 18.73% and a return on equity of 6.49%.

Safe Bulkers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 16th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.06 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 3.6%. This is a positive change from Safe Bulkers’s previous quarterly dividend of $0.05. Safe Bulkers’s dividend payout ratio is presently 66.67%.

Safe Bulkers Profile

Safe Bulkers Inc (NYSE: SB) is a dry bulk shipping company engaged in the ocean transport of commodities such as iron ore, coal, grain, and fertilizers. The company operates a modern fleet of vessels, including Panamax, Supramax and Kamsarmax bulk carriers, designed to serve a variety of trade routes and cargo types. Safe Bulkers’ fleet is employed under both time charter and voyage charter arrangements, offering flexibility to respond to market demand and optimize vessel utilization.

Founded in 2008, Safe Bulkers began trading its shares on the New York Stock Exchange in the same year, establishing itself as a publicly listed provider of dry bulk transportation services.