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

Key Points

• Shares crossed above its 200-day moving average (200-day MA $11.03), trading as high as $14.98 and last at $14.89 on volume of 186,584, signaling a technical breakout.
• Analyst sentiment is positive: the consensus rating is "Buy" with an average price target of $17.00 after several upgrades and target increases from firms including B. Riley and Zacks.
• Dividend was increased to $0.20 per quarter (from $0.13), representing an annualized $0.80 and a yield of 5.4% with a dividend payout ratio of 80%.

Shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $11.03 and traded as high as $14.98. Seanergy Maritime shares last traded at $14.89, with a volume of 186,584 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SHIP shares. Wall Street Zen raised shares of Seanergy Maritime from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 4th. B. Riley Financial increased their target price on shares of Seanergy Maritime from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, February 18th. Weiss Ratings reissued a "hold (c-)" rating on shares of Seanergy Maritime in a research note on Friday, March 27th. Zacks Research raised shares of Seanergy Maritime from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. Finally, Noble Financial reissued an "outperform" rating on shares of Seanergy Maritime in a research note on Monday, February 9th. One equities 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 MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $17.00.

Seanergy Maritime Price Performance

The stock's fifty day moving average price is $13.68 and its 200-day moving average price is $11.03. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.85 and a quick ratio of 0.83. The firm has a market cap of $311.20 million, a price-to-earnings ratio of 14.89 and a beta of 0.89.

Seanergy Maritime Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Friday, March 27th were issued a dividend of $0.20 per share. This is an increase from Seanergy Maritime's previous quarterly dividend of $0.13. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Friday, March 27th. Seanergy Maritime's dividend payout ratio (DPR) is presently 80.00%.

Insider Activity

In other news, insider Stavros Gyftakis sold 3,570 shares of the business's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $13.95, for a total transaction of $49,801.50. Following the sale, the insider 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seanergy Maritime

Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in shares of Seanergy Maritime during the fourth quarter valued at approximately $41,000. Allworth Financial LP acquired a new stake in shares of Seanergy Maritime during the third quarter valued at approximately $85,000. Truist Financial Corp acquired a new stake in shares of Seanergy Maritime during the fourth quarter valued at approximately $113,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Seanergy Maritime during the fourth quarter valued at approximately $119,000. Finally, Virtu Financial LLC acquired a new stake in shares of Seanergy Maritime during the third quarter valued at approximately $134,000. Institutional investors and hedge funds own 29.36% of the company's stock.

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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