Ellington Credit (NYSE:EARN) Downgraded by StockNews.com to “Sell”

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

Ellington Credit Trading Down 1.9 %

EARN traded down $0.12 during mid-day trading on Tuesday, hitting $6.50. 355,962 shares of the stock were exchanged, compared to its average volume of 322,858. The firm’s fifty day moving average is $6.82 and its two-hundred day moving average is $6.92. Ellington Credit has a 1-year low of $5.42 and a 1-year high of $7.26. The company has a market cap of $164.50 million, a PE ratio of 40.59 and a beta of 1.87.

Ellington Credit (NYSE:EARN) last posted its earnings results on Monday, August 12th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. The firm had revenue of $3.90 million for the quarter, compared to analyst estimates of $6.35 million. During the same period in the previous year, the company posted $0.17 EPS. As a group, research analysts anticipate that Ellington Credit will post 1.16 earnings per share for the current year.

Institutional Trading of Ellington Credit

A number of large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. acquired a new stake in Ellington Credit during the 3rd quarter worth approximately $170,000. Thrivent Financial for Lutherans lifted its position in Ellington Credit by 3.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 79,466 shares of the real estate investment trust’s stock worth $554,000 after acquiring an additional 2,895 shares during the period. Clear Harbor Asset Management LLC acquired a new stake in shares of Ellington Credit in the 3rd quarter valued at approximately $1,412,000. International Assets Investment Management LLC acquired a new stake in shares of Ellington Credit in the 3rd quarter valued at approximately $468,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Ellington Credit by 78.5% in the 2nd quarter. Renaissance Technologies LLC now owns 642,419 shares of the real estate investment trust’s stock valued at $4,465,000 after buying an additional 282,600 shares during the period. 20.40% of the stock is owned by institutional investors and hedge funds.

About Ellington Credit

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.