Safe Bulkers, Inc (SB) Short Interest Up 345.8% in June

Safe Bulkers, Inc (NYSE:SB) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 2,853,379 shares, a growth of 345.8% from the June 15th total of 640,128 shares. Based on an average daily trading volume, of 906,539 shares, the days-to-cover ratio is presently 3.1 days. Approximately 5.4% of the shares of the company are short sold.

Safe Bulkers (NYSE:SB) opened at 2.59 on Friday. The stock’s 50 day moving average price is $2.51 and its 200 day moving average price is $2.07. Safe Bulkers has a 52-week low of $1.09 and a 52-week high of $2.75. The stock’s market capitalization is $262.53 million.

Safe Bulkers (NYSE:SB) last posted its quarterly earnings data on Wednesday, July 26th. The shipping company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by $0.02. Safe Bulkers had a negative return on equity of 3.34% and a negative net margin of 26.74%. The company had revenue of $35.01 million for the quarter, compared to the consensus estimate of $36.81 million. During the same quarter in the previous year, the firm posted ($0.15) EPS. The business’s revenue for the quarter was up 33.6% compared to the same quarter last year. On average, analysts forecast that Safe Bulkers will post ($0.22) EPS for the current year.

SB has been the topic of a number of recent analyst reports. Zacks Investment Research raised Safe Bulkers from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a report on Friday, April 21st. Jefferies Group LLC increased their price target on Safe Bulkers from $1.50 to $2.50 and gave the company a “hold” rating in a report on Monday, April 24th. TheStreet raised Safe Bulkers from a “d+” rating to a “c-” rating in a report on Tuesday, June 13th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $2.25 price target on shares of Safe Bulkers in a report on Wednesday, July 19th. Finally, BidaskClub cut Safe Bulkers from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $2.56.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers bought a new position in Safe Bulkers during the second quarter valued at about $117,000. New York State Common Retirement Fund bought a new position in Safe Bulkers during the second quarter valued at about $117,000. Engineers Gate Manager LP bought a new position in Safe Bulkers during the second quarter valued at about $131,000. Credit Suisse AG bought a new position in Safe Bulkers during the first quarter valued at about $140,000. Finally, Schwab Charles Investment Management Inc. acquired a new stake in shares of Safe Bulkers during the second quarter valued at $190,000. Institutional investors own 14.84% of the company’s stock.

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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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