Seaspan Corporation (SSW) Receives Average Recommendation of “Hold” from Analysts
Shares of Seaspan Corporation (NYSE:SSW) have earned a consensus recommendation of “Hold” from the twelve brokerages that are presently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $6.79.
Several research firms have commented on SSW. Stifel Nicolaus reiterated a “hold” rating and set a $7.00 price objective on shares of Seaspan Corporation in a research note on Friday, July 14th. BidaskClub lowered Seaspan Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded Seaspan Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. ValuEngine lowered Seaspan Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Credit Suisse Group set a $5.00 price objective on Seaspan Corporation and gave the stock a “sell” rating in a research note on Tuesday, August 1st.
In other news, CEO Gerry Yougui Wang sold 634,762 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $7.45, for a total value of $4,728,976.90. Following the completion of the sale, the chief executive officer now directly owns 2,042,848 shares in the company, valued at $15,219,217.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Several hedge funds have recently bought and sold shares of the company. First Trust Advisors LP grew its position in shares of Seaspan Corporation by 16.7% in the third quarter. First Trust Advisors LP now owns 409,916 shares of the shipping company’s stock valued at $2,906,000 after purchasing an additional 58,531 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Seaspan Corporation in the second quarter valued at approximately $2,285,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Seaspan Corporation in the second quarter valued at approximately $221,000. State Street Corp grew its position in shares of 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 purchasing an additional 8,400 shares in the last quarter. Finally, Shelton Capital Management purchased a new stake in shares of Seaspan Corporation in the second quarter valued at approximately $179,000. Institutional investors and hedge funds own 15.28% of the company’s stock.
Seaspan Corporation (SSW) opened at 7.12 on Wednesday. The firm’s 50-day moving average price is $7.13 and its 200 day moving average price is $6.63. The stock’s market cap is $839.00 million. Seaspan Corporation has a 12-month low of $5.02 and a 12-month high of $12.85.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 30th. Stockholders of record on Friday, October 20th will be given a $0.125 dividend. The ex-dividend date is Thursday, October 19th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 7.02%. Seaspan Corporation’s dividend payout ratio (DPR) is presently -29.94%.
About Seaspan Corporation
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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