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

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

Analysts Set New Price Targets

ECC has been the topic of several recent research reports. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Credit Suisse Group set a $7.00 price objective on shares of Eagle Point Credit in a research note on Thursday, November 20th. Finally, B. Riley Financial cut their price objective on 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. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.46.

Eagle Point Credit Price Performance

The company has a market capitalization of $509.74 million, a price-to-earnings ratio of 21.22 and a beta of 0.28. The stock’s fifty day simple moving average is $5.55 and its two-hundred day simple moving average is $6.20.

Institutional Investors Weigh In On Eagle Point Credit

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

About Eagle Point Credit

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.