Eagle Point Credit Company Inc. (NYSE:ECC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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. “

Several other brokerages have also recently commented on ECC. National Securities reiterated a “buy” rating and issued a $24.00 target price on shares of Eagle Point Credit in a report on Wednesday, August 2nd. Oppenheimer Holdings, Inc. initiated coverage on shares of Eagle Point Credit in a report on Tuesday, May 16th. They issued an “outperform” rating and a $24.00 target price for the company. Finally, CIBC initiated coverage on shares of Eagle Point Credit in a report on Tuesday, May 16th. They issued an “outperform” rating for the company.

Eagle Point Credit (ECC) traded up 0.44% during mid-day trading on Tuesday, reaching $20.49. 19,119 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $20.70 and its 200 day moving average is $20.02. Eagle Point Credit has a 1-year low of $16.13 and a 1-year high of $22.11.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings data on Tuesday, August 15th. The investment management company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. The business had revenue of $16.23 million for the quarter, compared to the consensus estimate of $16.60 million. On average, equities analysts predict that Eagle Point Credit will post $2.04 EPS for the current year.

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Several hedge funds have recently bought and sold shares of ECC. Relative Value Partners Group LLC boosted its stake in 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 valued at $621,000 after buying an additional 2,385 shares in the last quarter. Baird Financial Group Inc. bought a new stake in Eagle Point Credit during the first quarter valued at approximately $653,000. Howard Capital Management bought a new stake in Eagle Point Credit during the second quarter valued at approximately $316,000. Bard Associates Inc. boosted its stake in Eagle Point Credit by 8.6% in the first quarter. Bard Associates Inc. now owns 132,433 shares of the investment management company’s stock valued at $2,761,000 after buying an additional 10,450 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in Eagle Point Credit during the second quarter valued at approximately $215,000. Institutional investors and hedge funds own 58.28% of the company’s stock.

About Eagle Point Credit

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.

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