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.
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.
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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