Eagle Point Credit (NYSE:ECC) Hits New 52-Week Low – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $3.95 and last traded at $4.0730, with a volume of 431045 shares trading hands. The stock had previously closed at $4.47.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Credit Suisse Group set a $7.00 price objective on Eagle Point Credit in a research note on Thursday, November 20th. B. Riley Financial decreased their target price on shares of Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Finally, Zacks Research raised Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.46.

Eagle Point Credit Price Performance

The firm has a market cap of $509.74 million, a P/E ratio of 21.22 and a beta of 0.28. The stock’s 50 day simple moving average is $5.55 and its two-hundred day simple moving average is $6.20.

Hedge Funds Weigh In On Eagle Point Credit

Several hedge funds have recently modified their holdings of ECC. GPS Wealth Strategies Group LLC purchased a new position in shares of Eagle Point Credit in the 2nd quarter worth approximately $25,000. IFP Advisors Inc purchased a new position in shares of Eagle Point Credit in the second quarter worth $28,000. N.E.W. Advisory Services LLC raised its holdings in shares of Eagle Point Credit by 100.0% during the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock worth $31,000 after purchasing an additional 2,650 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Eagle Point Credit by 135.5% in the 4th quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock valued at $32,000 after purchasing an additional 3,222 shares during the period. Finally, Ameriflex Group Inc. purchased a new stake in Eagle Point Credit in the 3rd quarter worth $33,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.