Seaspan Co. (SSW) Receives Consensus Rating of “Hold” from Analysts
Shares of Seaspan Co. (NYSE:SSW) have received a consensus rating of “Hold” from the ten brokerages that are currently covering the company. Four analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $6.92.
SSW has been the topic of a number of research reports. Morgan Stanley initiated coverage on Seaspan in a report on Wednesday, February 1st. They issued an “underweight” rating and a $4.50 price objective on the stock. Barclays PLC restated an “underweight” rating and issued a $6.00 price objective (down previously from $11.00) on shares of Seaspan in a report on Thursday, March 16th. Credit Suisse Group AG downgraded Seaspan from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $7.00 to $6.00 in a report on Monday, May 1st. Citigroup Inc upgraded Seaspan from a “sell” rating to a “neutral” rating and set a $7.00 price objective on the stock in a report on Tuesday, May 2nd. Finally, JPMorgan Chase & Co. upgraded Seaspan from an “underweight” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $8.00 in a report on Thursday, March 2nd.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Highbridge Capital Management LLC raised its position in Seaspan by 4,478.2% in the first quarter. Highbridge Capital Management LLC now owns 964,122 shares of the shipping company’s stock worth $6,681,000 after buying an additional 943,063 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Seaspan by 523.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,072,771 shares of the shipping company’s stock worth $7,430,000 after buying an additional 900,606 shares during the last quarter. Global X Management Co. LLC raised its position in Seaspan by 85.4% in the first quarter. Global X Management Co. LLC now owns 1,072,574 shares of the shipping company’s stock worth $7,433,000 after buying an additional 493,906 shares during the last quarter. Two Sigma Investments LP raised its position in Seaspan by 124.4% in the fourth quarter. Two Sigma Investments LP now owns 575,218 shares of the shipping company’s stock worth $5,257,000 after buying an additional 318,867 shares during the last quarter. Finally, Bogle Investment Management L P DE acquired a new position in Seaspan during the first quarter worth $1,682,000. 11.71% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Seaspan (NYSE:SSW) opened at 5.63 on Friday. Seaspan has a one year low of $5.58 and a one year high of $15.49. The stock has a 50 day moving average of $6.44 and a 200-day moving average of $8.04. The firm’s market capitalization is $616.38 million.
Seaspan (NYSE:SSW) last released its quarterly earnings data on Wednesday, April 26th. The shipping company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Seaspan had a positive return on equity of 10.38% and a negative net margin of 7.28%. The firm had revenue of $201.30 million for the quarter, compared to the consensus estimate of $204.09 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The firm’s revenue was down 6.6% on a year-over-year basis. On average, equities analysts anticipate that Seaspan will post $0.71 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, May 1st. Investors of record on Thursday, April 20th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 8.88%. The ex-dividend date was Tuesday, April 18th. Seaspan’s payout ratio is presently -141.51%.
Seaspan Corporation is an independent charter owner and manager of containerships. The Company charters pursuant to long-term, fixed-rate time charters with various container liner companies. As of February 20, 2017, it had operated a fleet of 88 containerships and had entered into contracts for the purchase of an additional eight new building containerships.
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