LPL Financial LLC increased its holdings in Seaspan Co. (NYSE:SSW) by 6.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 133,063 shares of the shipping company’s stock after buying an additional 7,524 shares during the quarter. LPL Financial LLC’s holdings in Seaspan were worth $898,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its holdings in Seaspan by 19.4% in the 4th quarter. Wells Fargo & Company MN now owns 47,289 shares of the shipping company’s stock worth $319,000 after purchasing an additional 7,690 shares during the period. State Street Corp raised its holdings in Seaspan by 3.1% in the 2nd quarter. State Street Corp now owns 279,189 shares of the shipping company’s stock worth $1,994,000 after purchasing an additional 8,400 shares during the period. Advantage Investment Management LLC acquired a new position in Seaspan in the 4th quarter worth about $103,000. Sei Investments Co. raised its holdings in Seaspan by 11,648.9% in the 3rd quarter. Sei Investments Co. now owns 15,626 shares of the shipping company’s stock worth $111,000 after purchasing an additional 15,493 shares during the period. Finally, First Trust Advisors LP raised its holdings in Seaspan by 4.2% in the 4th quarter. First Trust Advisors LP now owns 427,184 shares of the shipping company’s stock worth $2,883,000 after purchasing an additional 17,268 shares during the period. 15.64% of the stock is owned by institutional investors.
SSW has been the subject of a number of analyst reports. Jefferies Group initiated coverage on Seaspan in a report on Monday, December 18th. They issued a “buy” rating and a $20.00 price target for the company. Morgan Stanley upped their price target on Seaspan from $5.50 to $6.00 and gave the stock an “underweight” rating in a report on Monday, February 12th. Bank of America reduced their price target on Seaspan from $7.00 to $6.00 and set an “underperform” rating for the company in a report on Friday, March 2nd. Seaport Global Securities raised Seaspan from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Wednesday, January 24th. Finally, Stifel Nicolaus reaffirmed a “hold” rating on shares of Seaspan in a report on Thursday, March 15th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Seaspan currently has an average rating of “Hold” and an average target price of $8.67.
Seaspan (NYSE:SSW) last announced its earnings results on Tuesday, February 27th. The shipping company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.04). Seaspan had a net margin of 21.08% and a return on equity of 6.79%. The firm had revenue of $214.38 million for the quarter, compared to analyst estimates of $217.56 million. During the same period in the previous year, the company earned $0.21 EPS. equities research analysts anticipate that Seaspan Co. will post 1.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Friday, April 20th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 7.35%. Seaspan’s payout ratio is currently 75.76%.
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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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