BidaskClub Downgrades Seaspan Corporation (NYSE:SSW) to Sell

BidaskClub downgraded shares of Seaspan Corporation (NYSE:SSW) from a hold rating to a sell rating in a report published on Wednesday, August 2nd.

Several other analysts have also recently commented on the stock. Credit Suisse Group set a $5.00 target price on shares of Seaspan Corporation and gave the stock a sell rating in a research note on Tuesday, August 1st. Zacks Investment Research lowered shares of Seaspan Corporation from a hold rating to a sell rating in a report on Saturday, July 15th. Stifel Nicolaus reiterated a hold rating and issued a $7.00 price target on shares of Seaspan Corporation in a report on Friday, July 14th. ValuEngine lowered shares of Seaspan Corporation from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, Citigroup Inc. upgraded shares of Seaspan Corporation from a sell rating to a neutral rating and set a $7.00 price target on the stock in a report on Tuesday, May 2nd. Five equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $6.81.

Seaspan Corporation (NYSE:SSW) remained flat at $6.46 on Wednesday. The company’s stock had a trading volume of 1,313,438 shares. The stock has a 50 day moving average price of $6.67 and a 200 day moving average price of $6.79. The company’s market capitalization is $761.23 million. Seaspan Corporation has a 52-week low of $5.02 and a 52-week high of $15.32.

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The firm also recently announced a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Thursday, July 20th were issued a dividend of $0.125 per share. The ex-dividend date was Tuesday, July 18th. This represents a $0.50 annualized dividend and a dividend yield of 7.74%. Seaspan Corporation’s payout ratio is -29.94%.

Several institutional investors have recently bought and sold shares of SSW. Dimensional Fund Advisors LP raised its position in Seaspan Corporation by 47.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,586,478 shares of the shipping company’s stock valued at $11,320,000 after buying an additional 513,707 shares during the last quarter. Global X Management Co. LLC raised its position in Seaspan Corporation by 85.4% in the first quarter. Global X Management Co. LLC now owns 1,072,574 shares of the shipping company’s stock valued at $7,433,000 after buying an additional 493,906 shares during the last quarter. Highbridge Capital Management LLC raised its position in Seaspan Corporation by 4,478.2% in the first quarter. Highbridge Capital Management LLC now owns 964,122 shares of the shipping company’s stock valued at $6,681,000 after buying an additional 943,063 shares during the last quarter. State Street Corp raised its position in Seaspan Corporation by 22.9% in the fourth quarter. State Street Corp now owns 448,665 shares of the shipping company’s stock valued at $4,101,000 after buying an additional 83,602 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Seaspan Corporation by 144.2% in the second quarter. First Trust Advisors LP now owns 351,385 shares of the shipping company’s stock valued at $2,509,000 after buying an additional 207,520 shares during the last quarter. Institutional investors and hedge funds own 13.35% of the company’s stock.

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.

Analyst Recommendations for Seaspan Corporation (NYSE:SSW)

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