Seaspan (SSW) PT Lowered to $5.50 at Morgan Stanley

Seaspan (NYSE:SSW) had its price objective cut by investment analysts at Morgan Stanley from $6.00 to $5.50 in a report released on Monday. The firm currently has an “underweight” rating on the shipping company’s stock. Morgan Stanley’s target price suggests a potential downside of 14.33% from the stock’s previous close.

A number of other brokerages also recently commented on SSW. Zacks Investment Research upgraded Seaspan from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 20th. Bank of America decreased their target price on Seaspan from $7.00 to $6.00 and set an “underperform” rating for the company in a research note on Friday, March 2nd. TheStreet upgraded Seaspan from a “d+” rating to a “c” rating in a research note on Friday, March 2nd. Seaport Global Securities upgraded Seaspan from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, January 24th. Finally, Jefferies Group started coverage on Seaspan in a research note on Monday, December 18th. They issued a “buy” rating and a $20.00 target price for the company. Four analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Seaspan has a consensus rating of “Hold” and a consensus price target of $8.67.

Shares of Seaspan (SSW) traded down $0.11 during mid-day trading on Monday, reaching $6.42. The company’s stock had a trading volume of 779,155 shares, compared to its average volume of 1,746,533. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.86 and a current ratio of 0.86. Seaspan has a 12 month low of $5.02 and a 12 month high of $7.91. The firm has a market capitalization of $808.23, a P/E ratio of 6.87, a P/E/G ratio of 0.27 and a beta of 0.62.

Seaspan (NYSE:SSW) last issued its earnings results on Tuesday, February 27th. The shipping company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.04). Seaspan had a net margin of 21.08% and a return on equity of 6.79%. The company had revenue of $214.38 million during the quarter, compared to analyst estimates of $217.56 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. analysts anticipate that Seaspan will post 1.17 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of SSW. Advantage Investment Management LLC acquired a new position in shares of Seaspan during the fourth quarter worth approximately $103,000. Sei Investments Co. boosted its position in shares of Seaspan by 11,648.9% during the third quarter. Sei Investments Co. now owns 15,626 shares of the shipping company’s stock worth $111,000 after buying an additional 15,493 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Seaspan during the third quarter worth approximately $220,000. Janney Montgomery Scott LLC acquired a new position in shares of Seaspan during the third quarter worth approximately $221,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in shares of Seaspan by 105.0% during the third quarter. Dynamic Technology Lab Private Ltd now owns 37,186 shares of the shipping company’s stock worth $264,000 after buying an additional 19,047 shares during the period. Institutional investors and hedge funds own 15.64% of the company’s stock.

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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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