Seanergy Maritime (NASDAQ:SHIP) Share Price Crosses Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Seanergy Maritime shares rose above their 200-day moving average, reaching $17.15 before last trading at $16.60. Analysts maintain a “Moderate Buy” consensus with an average price target of $25.00.
• The company reported quarterly EPS of $1.32, exceeding the $1.05 consensus estimate, while revenue reached $55.69 million. Seanergy also increased its quarterly dividend to $0.35, equivalent to an 8.4% annualized yield.
• Insiders recently sold shares, including transactions by an executive and a director, while hedge funds and institutional investors increased their positions; institutions collectively own 29.36% of the stock.

Shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $15.91 and traded as high as $17.15. Seanergy Maritime shares last traded at $16.60, with a volume of 427,832 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Zacks Research downgraded Seanergy Maritime from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 29th. Weiss Ratings raised Seanergy Maritime from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Finally, B. Riley Financial boosted their price objective on shares of Seanergy Maritime from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Seanergy Maritime Trading Down 4.4%

The company has a market cap of $346.94 million, a price-to-earnings ratio of 5.80 and a beta of 0.99. The stock's 50 day moving average price is $17.52 and its 200 day moving average price is $15.91.

Seanergy Maritime (NASDAQ:SHIP - Get Free Report) last released its 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. The business had revenue of $55.69 million for the quarter, compared to analysts' expectations of $53.90 million. Seanergy Maritime had a net margin of 30.68% and a return on equity of 21.87%. On average, equities analysts expect that Seanergy Maritime Holdings Corp will post 3.16 earnings per share for the current fiscal year.

Seanergy Maritime Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, September 25th. This represents a $1.40 annualized dividend and a dividend yield of 8.4%. This is an increase from Seanergy Maritime's previous quarterly dividend of $0.20. Seanergy Maritime's dividend payout ratio is presently 48.95%.

Insider Activity at Seanergy Maritime

In other news, insider Stavros Gyftakis sold 2,835 shares of the company's stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $17.52, for a total value of $49,669.20. Following the completion of the sale, the insider owned 230,340 shares of the company's stock, valued at $4,035,556.80. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christina Anagnostara sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $17.19, for a total value 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. This represents a 7.76% decrease in their position. The SEC filing for this sale provides additional information. 4.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Seanergy Maritime

Several institutional investors and hedge funds have recently made changes to their positions in SHIP. Renaissance Technologies LLC boosted its stake in Seanergy Maritime by 15.8% during the 1st quarter. Renaissance Technologies LLC now owns 652,300 shares of the shipping company's stock valued at $8,421,000 after acquiring an additional 88,800 shares during the last quarter. Bank of America Corp DE raised 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 during the period. Arrowstreet Capital Limited Partnership lifted its stake in Seanergy Maritime by 26.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 82,557 shares of the shipping company's stock valued at $1,066,000 after buying an additional 17,274 shares during the last quarter. R Squared Ltd lifted its position in Seanergy Maritime by 59.3% in the 1st quarter. R Squared Ltd now owns 29,062 shares of the shipping company's stock valued at $375,000 after purchasing an additional 10,816 shares during the last quarter. Finally, Navellier & Associates Inc. bought a new stake in shares of Seanergy Maritime during the second quarter valued at approximately $355,000. 29.36% of the stock is currently owned by hedge funds and other institutional investors.

Seanergy Maritime Company Profile

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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