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

Key Points

• Shares recently crossed above their 200-day moving average of $11.24, trading as high as $16.72 and last at $15.81 on volume of 398,106, a bullish technical development.
• Analyst sentiment has improved — Zacks upgraded to a "strong-buy," B. Riley raised its target to $17, and the consensus rating is "Buy" with a $17 average target price.
• Seanergy increased its quarterly dividend to $0.20 (annualized $0.80), implying a 5.1% dividend yield and a payout ratio of 80%.

Shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $11.24 and traded as high as $16.72. Seanergy Maritime shares last traded at $15.81, with a volume of 398,106 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Zacks Research raised shares of Seanergy Maritime from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Seanergy Maritime in a report on Friday, March 27th. B. Riley Financial lifted their target price on shares of Seanergy Maritime from $15.00 to $17.00 and gave the stock a "buy" rating in a report on Wednesday, February 18th. Noble Financial reiterated an "outperform" rating on shares of Seanergy Maritime in a report on Monday, February 9th. Finally, Wall Street Zen upgraded shares of Seanergy Maritime from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 4th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $17.00.

Seanergy Maritime Stock Down 5.2%

The stock has a market cap of $330.43 million, a P/E ratio of 15.81 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 0.84. The firm's fifty day moving average is $13.83 and its 200 day moving average is $11.24.

Seanergy Maritime Increases Dividend

The business also recently disclosed 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 represents a $0.80 annualized dividend and a dividend yield of 5.1%. The ex-dividend date was Friday, March 27th. This is a positive change from Seanergy Maritime's previous quarterly dividend of $0.13. Seanergy Maritime's payout ratio is presently 80.00%.

Insider Activity at Seanergy Maritime

In other news, insider Stavros Gyftakis sold 3,570 shares of the company's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $13.95, for a total transaction of $49,801.50. Following the completion of the transaction, the insider owned 236,295 shares of the company's stock, valued at approximately $3,296,315.25. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.70% of the company's stock.

Institutional Inflows and Outflows

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

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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