Seanergy Maritime (NASDAQ:SHIP) Stock Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Seanergy Maritime shares crossed above their 200-day moving average, reaching $17.97 and last trading at $17.66, compared with a 200-day average of $14.86.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and a $25.00 target price. The company also exceeded quarterly earnings and revenue expectations, reporting $1.32 in EPS versus the $1.05 consensus estimate.
• Seanergy Maritime raised its quarterly dividend to $0.35, implying a $1.40 annualized payout and a 7.9% yield; however, a director recently sold 15,000 shares.

Shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $14.86 and traded as high as $17.97. Seanergy Maritime shares last traded at $17.66, with a volume of 289,830 shares changing hands.

Wall Street Analyst Weigh In

SHIP has been the topic of several analyst reports. Zacks Research raised shares of Seanergy Maritime from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Weiss Ratings raised shares of Seanergy Maritime from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Finally, B. Riley Financial lifted 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. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $25.00.

Seanergy Maritime Stock Performance

The stock has a market capitalization of $369.13 million, a PE ratio of 6.17 and a beta of 0.92. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.83 and a current ratio of 0.85. The firm has a 50 day moving average of $15.83 and a 200-day moving average of $14.86.

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 for the quarter, beating the consensus estimate of $1.05 by $0.27. The company had revenue of $55.69 million for the quarter, compared to analysts' expectations of $53.90 million. Seanergy Maritime had a return on equity of 21.87% and a net margin of 30.68%. Research analysts forecast that Seanergy Maritime Holdings Corp will post 3.16 earnings per share for the current year.

Seanergy Maritime Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be paid a $0.35 dividend. The ex-dividend date is Friday, September 25th. This represents a $1.40 annualized dividend and a yield of 7.9%. This is a boost from Seanergy Maritime's previous quarterly dividend of $0.20. Seanergy Maritime's dividend payout ratio (DPR) is currently 48.95%.

Insider Transactions at Seanergy Maritime

In other Seanergy Maritime news, Director Christina Anagnostara sold 15,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $17.19, for a total value of $257,850.00. Following the completion of the sale, the director owned 178,239 shares in the company, valued at $3,063,928.41. This represents a 7.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Seanergy Maritime

Several institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake 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 acquiring an additional 88,800 shares during the last quarter. Walleye Capital LLC boosted its position in Seanergy Maritime by 674.4% during the fourth quarter. Walleye Capital LLC now owns 294,523 shares of the shipping company's stock valued at $2,718,000 after purchasing an additional 256,492 shares during the last quarter. Millennium Management LLC boosted its position in Seanergy Maritime by 400.8% during the fourth quarter. Millennium Management LLC now owns 293,220 shares of the shipping company's stock valued at $2,706,000 after purchasing an additional 234,672 shares during the last quarter. Bank of America Corp DE increased its position in Seanergy Maritime by 5.8% in 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 last quarter. Finally, Jane Street Group LLC increased its position in Seanergy Maritime by 235.9% in the 4th quarter. Jane Street Group LLC now owns 100,363 shares of the shipping company's stock worth $926,000 after purchasing an additional 70,481 shares during 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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