Squarepoint Ops LLC Sells 62,313 Shares of Seanergy Maritime Holdings Corp $SHIP

Key Points

• Squarepoint Ops LLC cut its Seanergy Maritime stake by 82.7% in the second quarter, selling 62,313 shares and retaining 13,070 shares valued at approximately $176,000. Institutional investors collectively own 29.36% of the company.
• Analysts remain bullish, with the stock carrying a consensus “Buy” rating and a $25 average price target. Seanergy recently beat quarterly expectations, reporting $1.32 in EPS and $55.69 million in revenue.
• Seanergy increased its quarterly dividend to $0.35 per share, implying a $1.40 annualized payout and an 8.1% yield. Shares recently traded at $17.28, compared with a 12-month range of $7.66 to $19.22.

Squarepoint Ops LLC reduced its position in shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Free Report) by 82.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,070 shares of the shipping company's stock after selling 62,313 shares during the period. Squarepoint Ops LLC owned approximately 0.06% of Seanergy Maritime worth $176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Cetera Investment Advisers increased its position in Seanergy Maritime by 4.2% during the first quarter. Cetera Investment Advisers now owns 20,504 shares of the shipping company's stock worth $265,000 after acquiring an additional 829 shares during the period. Bank of America Corp DE grew its position in shares of Seanergy Maritime by 5.8% during the 1st quarter. Bank of America Corp DE now owns 159,972 shares of the shipping company's stock worth $2,065,000 after purchasing an additional 8,800 shares in the last quarter. R Squared Ltd grew its position in shares of Seanergy Maritime by 59.3% during the 1st quarter. R Squared Ltd now owns 29,062 shares of the shipping company's stock worth $375,000 after purchasing an additional 10,816 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Seanergy Maritime by 26.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 82,557 shares of the shipping company's stock worth $1,066,000 after purchasing an additional 17,274 shares in the last quarter. Finally, Navellier & Associates Inc. bought a new position in shares of Seanergy Maritime during the second quarter worth approximately $355,000. 29.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Zacks Research upgraded Seanergy Maritime from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. B. Riley Financial raised their price objective on Seanergy Maritime from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Weiss Ratings raised Seanergy Maritime from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $25.00.

Seanergy Maritime Price Performance

Shares of NASDAQ:SHIP opened at $17.28 on Friday. The firm has a 50 day moving average of $17.28 and a 200-day moving average of $15.48. Seanergy Maritime Holdings Corp has a 12 month low of $7.66 and a 12 month high of $19.22. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $361.15 million, a PE ratio of 6.04 and a beta of 0.89.

Seanergy Maritime (NASDAQ:SHIP - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.27. Seanergy Maritime had a net margin of 30.68% and a return on equity of 21.87%. The business had revenue of $55.69 million for the quarter, compared to analyst estimates of $53.90 million. On average, equities research analysts predict that Seanergy Maritime Holdings Corp will post 3.16 EPS for the current fiscal year.

Seanergy Maritime Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 8.1%. The ex-dividend date is Friday, September 25th. This is a positive change from Seanergy Maritime's previous quarterly dividend of $0.20. Seanergy Maritime's dividend payout ratio is 27.97%.

Insider Activity

In other news, Director Christina Anagnostara sold 15,000 shares of the business's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $17.19, for a total transaction of $257,850.00. Following the completion of the transaction, the director owned 178,239 shares of the company's stock, valued at approximately $3,063,928.41. The trade was a 7.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.70% of the company's stock.

Seanergy Maritime 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.