Seanergy Maritime (NASDAQ:SHIP) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Seanergy Maritime from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $25.
• Seanergy reported quarterly EPS of $1.32, exceeding the $1.05 consensus estimate, while revenue of $55.69 million also topped expectations. Analysts project full-year EPS of $3.16.
• The stock opened at $16.41, with a market capitalization of approximately $343 million; an insider recently sold 15,000 shares, while institutional investors collectively own 29.36% of the company.

Seanergy Maritime (NASDAQ:SHIP - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday, Zacks reports.

A number of other research analysts have also commented on SHIP. Weiss Ratings raised Seanergy Maritime from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. B. Riley Financial boosted their target price on Seanergy Maritime from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Seanergy Maritime presently has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Seanergy Maritime Stock Down 0.1%

Seanergy Maritime stock opened at $16.41 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 0.94. Seanergy Maritime has a 1-year low of $7.66 and a 1-year high of $19.22. The firm's fifty day simple moving average is $17.42 and its 200-day simple moving average is $15.57. The company has a market capitalization of $343.00 million, a P/E ratio of 5.74 and a beta of 0.89.

Seanergy Maritime (NASDAQ:SHIP - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The shipping company reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.27. Seanergy Maritime had a net margin of 30.68% and a return on equity of 21.87%. The firm had revenue of $55.69 million during the quarter, compared to analysts' expectations of $53.90 million. Sell-side analysts forecast that Seanergy Maritime will post 3.16 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Christina Anagnostara sold 15,000 shares of Seanergy Maritime stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $17.19, for a total value of $257,850.00. Following the transaction, the director directly owned 178,239 shares in the company, valued at approximately $3,063,928.41. The trade was a 7.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.70% of the company's stock.

Institutional Trading of Seanergy Maritime

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its position in Seanergy Maritime by 15.8% in the 1st quarter. Renaissance Technologies LLC now owns 652,300 shares of the shipping company's stock worth $8,421,000 after buying an additional 88,800 shares during the period. Bank of America Corp DE boosted its position in shares of Seanergy Maritime by 5.8% in the first quarter. Bank of America Corp DE now owns 159,972 shares of the shipping company's stock valued at $2,065,000 after acquiring an additional 8,800 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Seanergy Maritime by 26.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 82,557 shares of the shipping company's stock worth $1,066,000 after acquiring an additional 17,274 shares during the last quarter. R Squared Ltd grew its stake in shares of Seanergy Maritime by 59.3% in the first quarter. R Squared Ltd now owns 29,062 shares of the shipping company's stock worth $375,000 after acquiring an additional 10,816 shares during the last quarter. Finally, Navellier & Associates Inc. bought a new position in Seanergy Maritime during the second quarter worth $355,000. Institutional investors and hedge funds own 29.36% of the company's stock.

Seanergy Maritime Company Profile

Seanergy Maritime Holdings Corp. is an international dry bulk shipping company listed on the Nasdaq Capital Market under the symbol SHIP. The company owns and operates oceangoing vessels that transport major dry bulk commodities for industrial and commercial customers worldwide.

Seanergy's fleet is focused primarily on Capesize and Newcastlemax vessels, which are among the largest dry bulk ships and are commonly used to carry iron ore, coal, and grain. The company generates revenue by chartering its vessels to customers and shipping counterparties under various types of charter arrangements.

Founded in 2008, Seanergy is headquartered in Athens, Greece, and serves global trade routes connecting major commodity-exporting and importing regions.

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