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SEASPAN CORP/SH SH (NYSE:SSW) Stock Rating Lowered by Bank of America

SEASPAN CORP/SH SH (NYSE:SSW) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, FinViz reports.

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SSW has been the subject of several other research reports. ValuEngine downgraded SEASPAN CORP/SH SH from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. BMO Capital Markets began coverage on SEASPAN CORP/SH SH in a research report on Wednesday, August 14th. They issued a “market perform” rating and a $10.50 price objective for the company. Finally, Zacks Investment Research upgraded SEASPAN CORP/SH SH from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. SEASPAN CORP/SH SH currently has an average rating of “Hold” and an average target price of $10.83.

Shares of SSW traded down $0.01 during trading hours on Monday, reaching $11.40. The stock had a trading volume of 174,584 shares, compared to its average volume of 675,639. SEASPAN CORP/SH SH has a 12 month low of $7.35 and a 12 month high of $11.75. The firm has a 50-day simple moving average of $11.04 and a 200 day simple moving average of $10.31. The company has a current ratio of 0.43, a quick ratio of 0.86 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of 9.34, a P/E/G ratio of 1.20 and a beta of 0.77.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of SEASPAN CORP/SH SH by 11.2% during the second quarter. BlackRock Inc. now owns 2,705,958 shares of the shipping company’s stock valued at $26,545,000 after acquiring an additional 272,216 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of SEASPAN CORP/SH SH by 72.6% during the second quarter. Renaissance Technologies LLC now owns 1,528,600 shares of the shipping company’s stock valued at $14,996,000 after acquiring an additional 642,800 shares in the last quarter. Kempen Capital Management N.V. raised its holdings in shares of SEASPAN CORP/SH SH by 26.0% during the second quarter. Kempen Capital Management N.V. now owns 962,813 shares of the shipping company’s stock valued at $9,445,000 after acquiring an additional 198,689 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of SEASPAN CORP/SH SH by 10.2% during the second quarter. Royal Bank of Canada now owns 944,250 shares of the shipping company’s stock valued at $9,264,000 after acquiring an additional 87,258 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of SEASPAN CORP/SH SH by 20.6% during the second quarter. Wells Fargo & Company MN now owns 780,274 shares of the shipping company’s stock valued at $7,656,000 after acquiring an additional 133,324 shares in the last quarter. Hedge funds and other institutional investors own 47.18% of the company’s stock.

SEASPAN CORP/SH SH Company Profile

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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