Safe Bulkers (NYSE:SB) Shares Break Below 200-Day Moving Average – Time to Sell?

Safe Bulkers, Inc (NYSE:SB) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $7.10 and traded as low as $7.02. Safe Bulkers shares last traded at $7.0350, with a volume of 1,003,432 shares.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Safe Bulkers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.00.

Safe Bulkers Stock Up 0.3%

The firm’s fifty day moving average price is $8.34 and its 200-day moving average price is $7.11. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $720.75 million, a P/E ratio of 9.07 and a beta of 1.09.

Hedge Funds Weigh In On Safe Bulkers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Safe Bulkers in the 2nd quarter worth $22,450,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Safe Bulkers during the second quarter worth about $5,690,000. Empowered Funds LLC acquired a new position in Safe Bulkers during the second quarter worth about $4,458,000. Bank of America Corp DE bought a new stake in Safe Bulkers in the second quarter worth about $2,080,000. Finally, Manatuck Hill Partners LLC bought a new stake in Safe Bulkers in the second quarter worth about $1,641,000. 21.69% of the stock is owned by institutional investors.

About Safe Bulkers

Safe Bulkers, Inc (NYSE: SB) is a marine transportation company that owns and operates dry bulk vessels. Its fleet transports major and minor bulk commodities, including iron ore, coal, grain, and other raw materials used in global industrial and agricultural supply chains.

The company operates a range of dry bulk vessel classes, including Panamax, Kamsarmax, Ultramax, Supramax, Handysize, and Capesize ships. Safe Bulkers provides transportation services to commodity producers, traders, and other commercial customers through international shipping routes.

Safe Bulkers was founded in 2007 and is incorporated in the Marshall Islands, with its principal executive office in Monaco.