Eagle Point Credit Company Inc. (NYSE:ECC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
According to Zacks, “Eagle Point Credit Company Inc. is an externally managed closed-end management investment company. Its primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs). Eagle Point Credit Company Inc. is based in United States. “
A number of other research firms also recently commented on ECC. National Securities reiterated a “buy” rating and issued a $24.00 price objective on shares of Eagle Point Credit in a report on Wednesday. CIBC assumed coverage on Eagle Point Credit in a report on Tuesday, May 16th. They issued an “outperform” rating on the stock. Finally, Oppenheimer Holdings, Inc. assumed coverage on Eagle Point Credit in a report on Tuesday, May 16th. They issued an “outperform” rating and a $24.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $21.00.
Shares of Eagle Point Credit (NYSE:ECC) opened at 20.99 on Thursday. The firm has a 50-day moving average price of $20.71 and a 200 day moving average price of $19.91. Eagle Point Credit has a one year low of $16.13 and a one year high of $22.11.
Eagle Point Credit (NYSE:ECC) last released its quarterly earnings data on Tuesday, August 15th. The investment management company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.02. The business had revenue of $16.23 million during the quarter, compared to analysts’ expectations of $16.60 million. On average, equities research analysts anticipate that Eagle Point Credit will post $2.04 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp purchased a new stake in shares of Eagle Point Credit during the second quarter worth about $215,000. Howard Capital Management purchased a new stake in shares of Eagle Point Credit during the second quarter worth about $316,000. Blair William & Co. IL purchased a new stake in shares of Eagle Point Credit during the second quarter worth about $393,000. Relative Value Partners Group LLC boosted its stake in shares of Eagle Point Credit by 8.4% in the first quarter. Relative Value Partners Group LLC now owns 30,677 shares of the investment management company’s stock worth $621,000 after buying an additional 2,385 shares during the period. Finally, Baird Financial Group Inc. purchased a new stake in shares of Eagle Point Credit during the first quarter worth about $653,000. 58.60% of the stock is owned by hedge funds and other institutional investors.
Eagle Point Credit Company Profile
Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.
Receive News & Ratings for Eagle Point Credit Company Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eagle Point Credit Company Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
