Seanergy Maritime (NASDAQ:SHIP) Stock Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Seanergy Maritime shares crossed above their 200-day moving average on Friday, trading as high as $14.99 and last changing hands at $14.96.
• The company recently reported stronger-than-expected quarterly results, posting EPS of $0.63 versus the $0.39 consensus and revenue of $42.85 million, and it also paid a quarterly dividend of $0.20 per share.
• Analyst sentiment is mixed but still constructive overall, with a Moderate Buy consensus and an average price target of $22.00; institutional investors also hold about 29.36% of the stock.

Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $13.14 and traded as high as $14.99. Seanergy Maritime shares last traded at $14.96, with a volume of 175,425 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have commented on SHIP. Wall Street Zen upgraded shares of Seanergy Maritime from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 4th. Weiss Ratings reiterated a "hold (c)" rating on shares of Seanergy Maritime in a research report on Wednesday. B. Riley Financial increased their price objective on Seanergy Maritime from $17.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, May 29th. Finally, Zacks Research cut Seanergy Maritime from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 29th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.00.

Seanergy Maritime Stock Performance

The company's 50-day moving average price is $15.19 and its two-hundred day moving average price is $13.14. The company has a market cap of $312.66 million, a P/E ratio of 8.36 and a beta of 0.94. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 1.11.

Seanergy Maritime (NASDAQ:SHIP - Get Free Report) last issued its earnings results on Thursday, May 28th. The shipping company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.24. The firm had revenue of $42.85 million during the quarter, compared to analysts' expectations of $42.15 million. Seanergy Maritime had a net margin of 20.96% and a return on equity of 14.47%. As a group, equities analysts forecast that Seanergy Maritime Holdings Corp will post 2.7 earnings per share for the current year.

Seanergy Maritime Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date was Monday, June 29th. Seanergy Maritime's dividend payout ratio is 44.69%.

Hedge Funds Weigh In On Seanergy Maritime

Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC raised its position in shares of Seanergy Maritime by 15.8% during 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 period. Walleye Capital LLC boosted its position in shares of Seanergy Maritime by 674.4% in the 4th 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 period. Millennium Management LLC boosted its position in shares of Seanergy Maritime by 400.8% in the 4th 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 period. Bank of America Corp DE raised its holdings in 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 buying an additional 8,800 shares during the period. Finally, Jane Street Group LLC raised its holdings in Seanergy Maritime by 235.9% during the 4th quarter. Jane Street Group LLC now owns 100,363 shares of the shipping company's stock worth $926,000 after buying an additional 70,481 shares during the period. 29.36% of the stock is currently owned by institutional investors and hedge funds.

Seanergy Maritime Company Profile

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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