Seaspan (SSW) Upgraded by Seaport Global Securities to Buy

Seaspan (NYSE:SSW) was upgraded by analysts at Seaport Global Securities from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage currently has a $10.00 target price on the shipping company’s stock. Seaport Global Securities’ target price would suggest a potential upside of 29.70% from the stock’s current price.

Several other brokerages have also recently commented on SSW. Zacks Investment Research cut Seaspan from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. Jefferies Group started coverage on shares of Seaspan in a research note on Monday, December 18th. They set a “buy” rating and a $20.00 price objective for the company. Finally, ValuEngine cut shares of Seaspan from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Seaspan has a consensus rating of “Hold” and an average price target of $8.44.

Shares of Seaspan (NYSE:SSW) traded up $0.02 during trading on Wednesday, reaching $7.71. 1,730,000 shares of the company’s stock traded hands, compared to its average volume of 1,550,000. Seaspan has a 52 week low of $5.02 and a 52 week high of $10.30. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a market cap of $954.28, a P/E ratio of 16.76, a P/E/G ratio of 1.57 and a beta of 0.60.

Seaspan (NYSE:SSW) last released its earnings results on Tuesday, October 31st. The shipping company reported $0.18 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. The company had revenue of $211.01 million during the quarter, compared to analysts’ expectations of $212.46 million. Seaspan had a net margin of 14.23% and a return on equity of 7.14%. During the same quarter last year, the business earned $0.29 EPS. sell-side analysts anticipate that Seaspan will post 0.71 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. purchased a new stake in shares of Seaspan in the second quarter valued at about $157,000. JPMorgan Chase & Co. purchased a new stake in Seaspan in the 2nd quarter worth approximately $1,289,000. Wells Fargo & Company MN lifted its holdings in Seaspan by 3.9% in the 2nd quarter. Wells Fargo & Company MN now owns 36,101 shares of the shipping company’s stock worth $258,000 after buying an additional 1,339 shares during the period. Vanguard Group Inc. lifted its holdings in Seaspan by 836.0% in the 2nd quarter. Vanguard Group Inc. now owns 210,751 shares of the shipping company’s stock worth $1,505,000 after buying an additional 188,234 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in Seaspan by 8.3% in the 2nd quarter. California Public Employees Retirement System now owns 206,400 shares of the shipping company’s stock worth $1,474,000 after buying an additional 15,900 shares during the period. 14.33% of the stock is owned by institutional investors.

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About Seaspan

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.

Analyst Recommendations for Seaspan (NYSE:SSW)

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