SEASPAN Corp/SH SH (SSW) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

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SEASPAN Corp/SH SH (NYSE:SSW) shares saw an uptick in trading volume on Wednesday following a stronger than expected earnings report. 3,581,312 shares changed hands during trading, an increase of 176% from the previous session’s volume of 1,295,799 shares.The stock last traded at $8.94 and had previously closed at $7.33.

The shipping company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.11. The company had revenue of $294.98 million for the quarter, compared to analyst estimates of $292.96 million. SEASPAN Corp/SH SH had a net margin of 26.04% and a return on equity of 6.35%. SEASPAN Corp/SH SH’s quarterly revenue was up 39.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 earnings per share.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 30th. Shareholders of record on Monday, October 22nd were paid a $0.125 dividend. The ex-dividend date of this dividend was Friday, October 19th. This represents a $0.50 dividend on an annualized basis and a yield of 5.59%. SEASPAN Corp/SH SH’s dividend payout ratio is presently 75.76%.

A number of brokerages have recently issued reports on SSW. Zacks Investment Research lowered shares of SEASPAN Corp/SH SH from a “hold” rating to a “sell” rating in a research note on Wednesday. ValuEngine lowered shares of SEASPAN Corp/SH SH from a “hold” rating to a “sell” rating in a research note on Friday, September 21st. Deutsche Bank lowered shares of SEASPAN Corp/SH SH from a “buy” rating to a “hold” rating and dropped their price target for the stock from $13.00 to $9.00 in a research note on Wednesday, September 19th. Finally, Wells Fargo & Co lowered shares of SEASPAN Corp/SH SH from a “market perform” rating to an “underperform” rating and set a $6.00 price target on the stock. in a research note on Friday, September 28th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $9.31.

Several institutional investors have recently modified their holdings of SSW. Wells Fargo & Company MN increased its stake in shares of SEASPAN Corp/SH SH by 679.2% during the first quarter. Wells Fargo & Company MN now owns 368,466 shares of the shipping company’s stock worth $2,461,000 after acquiring an additional 321,177 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of SEASPAN Corp/SH SH by 48.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 122,152 shares of the shipping company’s stock worth $816,000 after acquiring an additional 40,021 shares during the period. Northern Trust Corp increased its stake in shares of SEASPAN Corp/SH SH by 24.8% during the first quarter. Northern Trust Corp now owns 73,724 shares of the shipping company’s stock worth $492,000 after acquiring an additional 14,661 shares during the period. BlackRock Inc. increased its stake in shares of SEASPAN Corp/SH SH by 566.5% during the first quarter. BlackRock Inc. now owns 2,282,682 shares of the shipping company’s stock worth $15,248,000 after acquiring an additional 1,940,170 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of SEASPAN Corp/SH SH by 9.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,782,578 shares of the shipping company’s stock worth $11,908,000 after acquiring an additional 149,265 shares during the period. Institutional investors and hedge funds own 16.75% of the company’s stock.

The company has a market capitalization of $906.01 million, a PE ratio of 13.55, a PEG ratio of 0.41 and a beta of 0.36. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.82.

SEASPAN Corp/SH SH Company Profile (NYSE:SSW)

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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