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 Friday.

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. “

ECC has been the topic of a number of other research reports. Ladenburg Thalmann Financial Services started coverage on Eagle Point Credit in a report on Monday, September 25th. They issued a “buy” rating and a $20.50 price objective on the stock. Oppenheimer Holdings, Inc. dropped their price objective on Eagle Point Credit from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday. CIBC dropped their price objective on Eagle Point Credit from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, National Securities reiterated a “buy” rating and issued a $24.00 price objective on shares of Eagle Point Credit in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $21.13.

Eagle Point Credit (NYSE ECC) opened at $18.79 on Friday. Eagle Point Credit has a 1-year low of $16.70 and a 1-year high of $22.11. The company has a market capitalization of $347.13, a PE ratio of 9.64 and a beta of 0.30. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.25 and a quick ratio of 3.25.

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Several hedge funds and other institutional investors have recently made changes to their positions in ECC. Stifel Financial Corp acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at about $215,000. Howard Capital Management acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at about $316,000. Blair William & Co. IL acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at about $393,000. Finally, Belpointe Asset Management LLC acquired a new stake in shares of Eagle Point Credit in the 3rd quarter valued at about $456,000. 57.69% 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.

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