Insider Selling: Seanergy Maritime (NASDAQ:SHIP) Insider Sells 3,570 Shares of Stock

Key Points

• Insider sale: On April 6, insider Stavros Gyftakis sold 3,570 shares at an average price of $13.95 for $49,801.50, reducing his stake by 1.49% to 236,295 shares valued at about $3.30 million.
• Dividend increase: Seanergy declared a quarterly dividend of $0.20 (annualized $0.80) with a 5.7% yield, ex-dividend March 27 and payable April 10, up from the prior $0.13 quarterly payout (payout ratio 80%).
• Shares trade near $13.98 with a 12-month range of $4.88–$14.93 and a market cap of $292.2 million; analysts have an average $17 target and the consensus rating is "Buy," while institutional investors own about 29.36% after recent hedge fund buying.

Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report) insider Stavros Gyftakis sold 3,570 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $13.95, for a total value of $49,801.50. Following the transaction, the insider directly owned 236,295 shares in the company, valued at $3,296,315.25. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Seanergy Maritime Price Performance

Shares of SHIP traded up $0.30 during trading hours on Wednesday, hitting $13.98. The stock had a trading volume of 138,863 shares, compared to its average volume of 251,933. Seanergy Maritime Holdings Corp has a 12 month low of $4.88 and a 12 month high of $14.93. The firm has a market capitalization of $292.21 million, a PE ratio of 13.98 and a beta of 0.89. The stock has a fifty day moving average price of $12.67 and a 200 day moving average price of $10.40.

Seanergy Maritime Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Friday, March 27th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Friday, March 27th. This is an increase from Seanergy Maritime's previous quarterly dividend of $0.13. Seanergy Maritime's payout ratio is currently 80.00%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SHIP shares. Noble Financial restated an "outperform" rating on shares of Seanergy Maritime in a research report on Monday, February 9th. Zacks Research upgraded shares of Seanergy Maritime from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 11th. Wall Street Zen upgraded shares of Seanergy Maritime from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Weiss Ratings reissued a "hold (c-)" rating on shares of Seanergy Maritime in a research report on Friday, March 27th. Finally, B. Riley Financial upped their price objective on Seanergy Maritime from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $17.00.

Hedge Funds Weigh In On Seanergy Maritime

Several large investors have recently made changes to their positions in SHIP. Mackenzie Financial Corp boosted its stake in shares of Seanergy Maritime by 67.3% in the fourth quarter. Mackenzie Financial Corp now owns 69,799 shares of the shipping company's stock worth $648,000 after acquiring an additional 28,075 shares during the period. XTX Topco Ltd bought a new stake in Seanergy Maritime during the 4th quarter valued at approximately $373,000. Susquehanna Fundamental Investments LLC purchased a new position in Seanergy Maritime in the 4th quarter worth approximately $119,000. Millennium Management LLC boosted its stake in Seanergy Maritime by 400.8% in the 4th quarter. Millennium Management LLC now owns 293,220 shares of the shipping company's stock worth $2,706,000 after purchasing an additional 234,672 shares during the period. Finally, Engineers Gate Manager LP grew its holdings in Seanergy Maritime by 119.1% during the 4th quarter. Engineers Gate Manager LP now owns 43,949 shares of the shipping company's stock valued at $406,000 after buying an additional 23,888 shares in the last quarter. 29.36% of the stock is currently owned by hedge funds and other institutional investors.

About Seanergy Maritime

Seanergy Maritime Holdings Corp. NASDAQ: SHIP is a dry bulk shipping company that provides seaborne transportation services for major commodities, including iron ore, coal and grain. The company's operations encompass both time charter and voyage charter contracts, enabling customers to secure vessel capacity on either a fixed-rate or spot basis. Its client base includes commodity producers, trading houses and industrial end users seeking global logistics solutions for bulk materials.

The company's core assets consist of a fleet of modern dry bulk carriers, spanning Capesize, Panamax and Supramax classes.

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