Zacks Investment Research Downgrades SEASPAN CORP/SH SH (NYSE:SSW) to Sell
According to Zacks, “Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. “
Separately, Jefferies Financial Group set a €28.00 ($32.56) price objective on Hamburger Hafen und Logistik and gave the stock a buy rating in a report on Thursday, May 9th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $9.40.
SEASPAN CORP/SH SH (NYSE:SSW) last issued its earnings results on Wednesday, May 1st. The shipping company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $285.30 million for the quarter, compared to the consensus estimate of $287.14 million. SEASPAN CORP/SH SH had a return on equity of 9.67% and a net margin of 42.91%. The firm’s quarterly revenue was up 26.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 EPS. As a group, analysts forecast that SEASPAN CORP/SH SH will post 0.66 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 30th. Investors of record on Monday, July 22nd will be issued a $0.125 dividend. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.50 dividend on an annualized basis and a yield of 4.84%. SEASPAN CORP/SH SH’s dividend payout ratio is currently 40.98%.
A number of large investors have recently added to or reduced their stakes in SSW. BlackRock Inc. lifted its position in SEASPAN CORP/SH SH by 30.4% during the fourth quarter. BlackRock Inc. now owns 3,088,699 shares of the shipping company’s stock valued at $24,184,000 after purchasing an additional 719,762 shares during the period. Raymond James & Associates purchased a new position in SEASPAN CORP/SH SH in the fourth quarter valued at $2,209,000. Raymond James Financial Services Advisors Inc. increased its holdings in SEASPAN CORP/SH SH by 19.5% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 24,289 shares of the shipping company’s stock valued at $190,000 after buying an additional 3,966 shares in the last quarter. Citigroup Inc. increased its holdings in SEASPAN CORP/SH SH by 155.3% in the fourth quarter. Citigroup Inc. now owns 7,197 shares of the shipping company’s stock valued at $57,000 after buying an additional 4,378 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in SEASPAN CORP/SH SH by 3.6% in the fourth quarter. Northern Trust Corp now owns 136,059 shares of the shipping company’s stock valued at $1,066,000 after buying an additional 4,680 shares in the last quarter. Hedge funds and other institutional investors own 45.60% of the company’s stock.
About SEASPAN CORP/SH SH
Seaspan Corporation operates as an independent charter owner and manager of containerships in Hong Kong. The company charters its containerships under long-term, fixed-rate time charters to various container liner companies. As of February 15, 2018, it operated a fleet of 91 containerships. The company was founded in 2005 and is based in Hong Kong, Hong Kong.
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