Seaspan Corporation (SSW) Receives Consensus Recommendation of “Hold” from Analysts
Shares of Seaspan Corporation (NYSE:SSW) have received a consensus recommendation of “Hold” from the thirteen brokerages that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a sell recommendation and eight have assigned a hold recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $6.79.
Several equities research analysts have issued reports on the stock. Zacks Investment Research cut shares of Seaspan Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine cut shares of Seaspan Corporation from a “buy” rating to a “hold” rating in a research report on Friday. BidaskClub raised shares of Seaspan Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Stifel Nicolaus reissued a “hold” rating and set a $7.00 price target on shares of Seaspan Corporation in a research report on Friday, July 14th. Finally, Credit Suisse Group set a $5.00 price target on shares of Seaspan Corporation and gave the company a “sell” rating in a research report on Tuesday, August 1st.
Seaspan Corporation (NYSE SSW) opened at 7.28 on Tuesday. The company’s market cap is $857.85 million. The firm’s 50-day moving average is $6.84 and its 200 day moving average is $6.64. Seaspan Corporation has a 52-week low of $5.02 and a 52-week high of $14.28.
In other Seaspan Corporation news, CEO Gerry Yougui Wang sold 634,762 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $7.45, for a total value of $4,728,976.90. Following the transaction, the chief executive officer now owns 2,042,848 shares of the company’s stock, valued at $15,219,217.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company acquired a new position in Seaspan Corporation in the second quarter valued at about $2,285,000. Cubist Systematic Strategies LLC acquired a new position in Seaspan Corporation in the second quarter valued at about $221,000. State Street Corp lifted its position in Seaspan Corporation by 3.1% in the second quarter. State Street Corp now owns 279,189 shares of the shipping company’s stock valued at $1,994,000 after buying an additional 8,400 shares during the last quarter. Shelton Capital Management acquired a new position in Seaspan Corporation in the second quarter valued at about $179,000. Finally, Punch & Associates Investment Management Inc. acquired a new position in Seaspan Corporation in the second quarter valued at about $3,404,000. 15.33% of the stock is currently owned by institutional investors.
Seaspan Corporation Company Profile
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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