StockNews.com Downgrades Ellington Credit (NYSE:EARN) to Sell

Ellington Credit (NYSE:EARN) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Ellington Credit Price Performance

Shares of Ellington Credit stock opened at $6.36 on Tuesday. The stock has a market cap of $161.10 million, a PE ratio of 5.68 and a beta of 1.87. The firm has a fifty day moving average price of $6.80 and a 200 day moving average price of $6.92. Ellington Credit has a 1 year low of $5.54 and a 1 year high of $7.26.

Ellington Credit (NYSE:EARN) last announced its earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. Ellington Credit had a net margin of 226.01% and a return on equity of 17.20%. The business had revenue of $4.75 million for the quarter, compared to analyst estimates of $7.55 million. During the same quarter last year, the business earned $0.21 earnings per share. As a group, equities analysts expect that Ellington Credit will post 1.16 EPS for the current year.

Hedge Funds Weigh In On Ellington Credit

A number of institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its holdings in shares of Ellington Credit by 3.8% in the third quarter. Thrivent Financial for Lutherans now owns 79,466 shares of the real estate investment trust’s stock valued at $554,000 after purchasing an additional 2,895 shares in the last quarter. FMR LLC lifted its holdings in shares of Ellington Credit by 243.2% in the 3rd quarter. FMR LLC now owns 4,839 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 3,429 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new position in Ellington Credit in the 3rd quarter valued at about $170,000. International Assets Investment Management LLC acquired a new position in Ellington Credit in the 3rd quarter valued at about $468,000. Finally, Clear Harbor Asset Management LLC acquired a new position in Ellington Credit during the 3rd quarter worth approximately $1,412,000. 20.40% of the stock is owned by hedge funds and other institutional investors.

Ellington Credit Company Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.