Seanergy Maritime (NASDAQ:SHIP) Stock: Insider Stavros Gyftakis Sells 2,835 Shares

Key Points

• Insider sale: Seanergy Maritime insider Stavros Gyftakis sold 2,835 shares for approximately $49,669 at an average price of $17.52, reducing his direct ownership by 1.22% to 230,340 shares.
• Strong financial and dividend performance: The company reported quarterly EPS of $1.32, above the $1.05 analyst consensus, and revenue of $55.69 million. Its quarterly dividend increased to $0.35 per share, implying an annualized yield of about 8.1%.
• Analyst outlook remains positive: Seanergy has a “Moderate Buy” consensus rating and an average price target of $25, although Zacks downgraded the stock to “Hold.” Shares recently traded at $17.24, within a 12-month range of $7.66 to $19.22.

Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report) insider Stavros Gyftakis sold 2,835 shares of Seanergy Maritime stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $17.52, for a total value of $49,669.20. Following the sale, the insider directly owned 230,340 shares in the company, valued at $4,035,556.80. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Seanergy Maritime Stock Performance

Shares of NASDAQ:SHIP traded down $0.26 during midday trading on Wednesday, hitting $17.24. 189,789 shares of the stock were exchanged, compared to its average volume of 280,860. The stock has a market capitalization of $360.35 million, a price-to-earnings ratio of 6.03 and a beta of 0.99. The business's 50-day moving average price is $17.53 and its 200 day moving average price is $15.72. Seanergy Maritime Holdings Corp has a 12 month low of $7.66 and a 12 month high of $19.22.

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, beating 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 business had revenue of $55.69 million during the quarter, compared to analyst estimates of $53.90 million. As a group, sell-side analysts expect that Seanergy Maritime Holdings Corp will post 3.16 EPS for the current 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 issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 8.1%. This is a boost from Seanergy Maritime's previous quarterly dividend of $0.20. The ex-dividend date is Friday, September 25th. Seanergy Maritime's dividend payout ratio (DPR) is presently 48.95%.

Institutional Investors Weigh In On Seanergy Maritime

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in Seanergy Maritime by 15.8% in the first quarter. Renaissance Technologies LLC now owns 652,300 shares of the shipping company's stock worth $8,421,000 after acquiring an additional 88,800 shares in the last quarter. Navellier & Associates Inc. bought a new stake in shares of Seanergy Maritime during the second quarter valued at approximately $355,000. NewEdge Advisors LLC bought a new stake in shares of Seanergy Maritime during the second quarter valued at approximately $289,000. Arrowstreet Capital Limited Partnership raised its position in shares of Seanergy Maritime by 26.5% during the first 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 during the period. Finally, R Squared Ltd raised its position in shares of Seanergy Maritime by 59.3% during the first 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 during the period. 29.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHIP. B. Riley Financial increased their price objective on Seanergy Maritime from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, July 31st. Weiss Ratings upgraded Seanergy Maritime from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Zacks Research cut Seanergy Maritime from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 29th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $25.00.

About Seanergy Maritime

Seanergy Maritime Holdings Corp. is a dry bulk shipping company that owns and operates ocean-going vessels, with a primary focus on Capesize ships. These large vessels are used to transport major dry bulk commodities, including iron ore, coal and grain, between ports worldwide.

The company generates revenue by chartering its vessels to international customers through spot-market and period-charter arrangements. Its operations support global commodity supply chains, with vessels serving major trade routes across the Atlantic, Pacific and other international maritime regions.

Seanergy Maritime was established in 2008 and is incorporated in the Marshall Islands, with management operations based in Greece.

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