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.
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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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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