Seanergy Maritime (NASDAQ:SHIP) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Seanergy Maritime shares moved above their 200-day moving average, reaching $18.83 and last trading at $18.28 versus the $15.33 long-term average.
• Analysts are increasingly bullish: the consensus rating is “Buy”, with an average price target of $25.00; B. Riley also raised its target to $25.00.
• The company reported quarterly EPS of $1.32, beating estimates of $1.05, and raised its quarterly dividend to $0.35 per share—an annualized $1.40 payout and approximately 7.7% yield.

Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $15.33 and traded as high as $18.83. Seanergy Maritime shares last traded at $18.28, with a volume of 481,184 shares.

Wall Street Analysts Forecast Growth

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

Seanergy Maritime Stock Down 1.2%

The company has a debt-to-equity ratio of 0.94, a current ratio of 0.85 and a quick ratio of 0.83. The company's 50-day simple moving average is $16.88 and its 200 day simple moving average is $15.33. The firm has a market cap of $382.05 million, a P/E ratio of 6.39 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 for the quarter, topping the consensus estimate of $1.05 by $0.27. Seanergy Maritime had a return on equity of 21.87% and a net margin of 30.68%.The company had revenue of $55.69 million for the quarter, compared to analysts' expectations of $53.90 million. Research analysts anticipate that Seanergy Maritime Holdings Corp will post 3.16 EPS for the current fiscal year.

Seanergy Maritime Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 25th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 7.7%. This is a boost from Seanergy Maritime's previous quarterly dividend of $0.20. Seanergy Maritime's dividend payout ratio is presently 27.97%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. NewEdge Advisors LLC purchased a new stake in Seanergy Maritime in the second quarter worth $289,000. Navellier & Associates Inc. purchased a new stake in shares of Seanergy Maritime during the second quarter valued at $355,000. Bank of America Corp DE grew its holdings 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 worth $2,065,000 after purchasing an additional 8,800 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of 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 purchasing an additional 88,800 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Seanergy Maritime by 26.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 82,557 shares of the shipping company's stock worth $1,066,000 after buying an additional 17,274 shares during the period. Hedge funds and other institutional investors own 29.36% of the company's stock.

About Seanergy Maritime

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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