Eagle Point Credit (NYSE:ECC) Hits New 12-Month Low – Time to Sell?

Eagle Point Credit Company Inc. (NYSE:ECC)’s share price reached a new 52-week low on Friday . The stock traded as low as $7.29 and last traded at $7.45, with a volume of 924499 shares traded. The stock had previously closed at $7.74.

Analysts Set New Price Targets

Separately, B. Riley reduced their target price on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, January 7th.

Eagle Point Credit Stock Performance

The firm has a market capitalization of $555.18 million, a PE ratio of 8.59 and a beta of 0.35. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.27 and a quick ratio of 2.27. The company’s fifty day simple moving average is $8.46 and its 200 day simple moving average is $9.02.

Eagle Point Credit (NYSE:ECC) last posted its earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $49.55 million during the quarter, compared to analysts’ expectations of $49.76 million. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. As a group, equities research analysts expect that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Dividend Announcement

The business also recently announced a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s payout ratio is presently 200.00%.

Insiders Place Their Bets

In other news, CEO Thomas P. Majewski bought 1,087 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were purchased at an average price of $23.00 per share, for a total transaction of $25,001.00. Following the completion of the acquisition, the chief executive officer now owns 1,087 shares of the company’s stock, valued at approximately $25,001. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.22% of the stock is owned by insiders.

Institutional Investors Weigh In On Eagle Point Credit

Large investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC raised its position in Eagle Point Credit by 20,306.0% during the 4th quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company’s stock valued at $7,580,000 after purchasing an additional 843,716 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Eagle Point Credit during the fourth quarter valued at approximately $2,038,000. Money Concepts Capital Corp bought a new position in shares of Eagle Point Credit during the fourth quarter valued at approximately $1,696,000. Balboa Wealth Partners purchased a new stake in Eagle Point Credit in the fourth quarter worth $839,000. Finally, Wedbush Securities Inc. boosted its holdings in Eagle Point Credit by 17.0% in the fourth quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company’s stock valued at $5,040,000 after acquiring an additional 82,367 shares in the last quarter. Institutional investors own 19.50% of the company’s stock.

About Eagle Point Credit

Eagle Point Credit Company Inc is a closed ended fund launched and managed by Eagle Point Credit Management LLC. It invests in fixed income markets of the United States. The fund invests equity and junior debt tranches of collateralized loan obligations consisting primarily of below investment grade U.S.