Manatuck Hill Partners LLC Buys Shares of 260,000 Safe Bulkers, Inc $SB

Key Points

• Manatuck Hill Partners bought 260,000 Safe Bulkers shares worth approximately $1.64 million, giving it a 0.26% stake. Institutional investors collectively own 21.69% of the company.
• Safe Bulkers reported quarterly EPS of $0.28, beating estimates by $0.06, while revenue of $87.47 million also exceeded expectations.
• The company raised its quarterly dividend to $0.075 per share, implying a 3.5% annualized yield. Analysts maintain a consensus “Hold” rating with a $6.00 target price, despite shares opening at $8.70.

Manatuck Hill Partners LLC bought a new position in shares of Safe Bulkers, Inc (NYSE:SB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 260,000 shares of the shipping company's stock, valued at approximately $1,641,000. Manatuck Hill Partners LLC owned approximately 0.26% of Safe Bulkers at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its stake in shares of Safe Bulkers by 77.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,917 shares of the shipping company's stock valued at $31,000 after purchasing an additional 2,150 shares during the period. Legal & General Group Plc bought a new stake in Safe Bulkers during the 2nd quarter worth approximately $34,000. Tower Research Capital LLC TRC lifted its stake in Safe Bulkers by 73.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,088 shares of the shipping company's stock worth $40,000 after purchasing an additional 4,692 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Safe Bulkers in the 2nd quarter worth approximately $41,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Safe Bulkers in the 3rd quarter valued at $46,000. 21.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Safe Bulkers from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Safe Bulkers currently has an average rating of "Hold" and a consensus target price of $6.00.

Safe Bulkers Stock Up 0.5%

Shares of Safe Bulkers stock opened at $8.70 on Wednesday. Safe Bulkers, Inc has a 1 year low of $4.14 and a 1 year high of $8.76. The company has a 50-day moving average of $7.30 and a 200 day moving average of $6.76. The firm has a market cap of $885.41 million, a price-to-earnings ratio of 11.15 and a beta of 0.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.00 and a quick ratio of 1.00.

Safe Bulkers (NYSE:SB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The shipping company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.22 by $0.06. Safe Bulkers had a net margin of 28.29% and a return on equity of 9.63%. The company had revenue of $87.47 million for the quarter, compared to the consensus estimate of $77.50 million.

Safe Bulkers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, August 13th will be issued a dividend of $0.075 per share. This is a boost from Safe Bulkers's previous quarterly dividend of $0.06. This represents a $0.30 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Thursday, August 13th. Safe Bulkers's dividend payout ratio is presently 38.46%.

Safe Bulkers Company 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.

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