SEASPAN CORP/SH SH (NYSE:SSW) Sees Significant Decline in Short Interest

SEASPAN CORP/SH SH (NYSE:SSW) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 5,780,000 shares, a drop of 8.8% from the September 30th total of 6,340,000 shares. Approximately 5.0% of the company’s shares are short sold. Based on an average daily trading volume, of 472,800 shares, the short-interest ratio is presently 12.2 days.

SSW stock traded up $0.22 during trading on Friday, hitting $10.99. The company had a trading volume of 661,455 shares, compared to its average volume of 585,992. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $2.32 billion, a P/E ratio of 9.01, a PEG ratio of 1.14 and a beta of 0.77. The company has a 50 day simple moving average of $10.98 and a 200-day simple moving average of $10.28. SEASPAN CORP/SH SH has a 52-week low of $7.35 and a 52-week high of $11.75.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 30th. Shareholders of record on Monday, October 21st were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date was Friday, October 18th. SEASPAN CORP/SH SH’s dividend payout ratio (DPR) is 40.98%.

A number of hedge funds and other institutional investors have recently bought and sold shares of SSW. Manchester Financial Inc. purchased a new position in SEASPAN CORP/SH SH during the 2nd quarter valued at about $26,000. JPMorgan Chase & Co. increased its position in SEASPAN CORP/SH SH by 4,316.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,742 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 5,612 shares during the period. Virginia Retirement Systems ET AL purchased a new position in SEASPAN CORP/SH SH during the 2nd quarter valued at about $98,000. Price T Rowe Associates Inc. MD purchased a new position in SEASPAN CORP/SH SH during the 2nd quarter valued at about $98,000. Finally, OneAscent Financial Services LLC purchased a new position in SEASPAN CORP/SH SH during the 2nd quarter valued at about $101,000. 46.80% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts recently commented on SSW shares. Zacks Investment Research raised shares of SEASPAN CORP/SH SH from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Wednesday, October 9th. ValuEngine raised shares of SEASPAN CORP/SH SH from a “sell” rating to a “hold” rating in a research note on Friday, October 11th. Finally, BMO Capital Markets started coverage on shares of SEASPAN CORP/SH SH in a research note on Wednesday, August 14th. They issued a “market perform” rating and a $10.50 price target on the stock. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $11.13.

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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