Seanergy Maritime (NASDAQ:SHIP) Shares Cross Above 200 Day Moving Average – Should You Sell?

Seanergy Maritime Holdings Corp (NASDAQ:SHIP)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $15.91 and traded as high as $17.15. Seanergy Maritime shares last traded at $16.60, with a volume of 427,832 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on SHIP. Weiss Ratings raised Seanergy Maritime from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Zacks Research downgraded Seanergy Maritime from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Finally, B. Riley Financial raised their price objective on Seanergy Maritime from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Seanergy Maritime Trading Down 2.6%

The stock has a 50-day moving average of $17.49 and a two-hundred day moving average of $15.93. The firm has a market cap of $319.38 million, a price-to-earnings ratio of 5.34 and a beta of 0.99.

Seanergy Maritime (NASDAQ:SHIP) last posted its quarterly earnings data on Thursday, July 30th. The shipping company reported $1.32 earnings per share (EPS) 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 firm had revenue of $55.69 million for the quarter, compared to the consensus estimate of $53.90 million. Sell-side analysts expect 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 was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were issued a dividend of $0.35 per share. This is an increase from Seanergy Maritime’s previous quarterly dividend of $0.20. This represents a $1.40 dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date was Friday, September 25th. Seanergy Maritime’s dividend payout ratio (DPR) is presently 48.95%.

Insider Buying and Selling

In related news, insider Stavros Gyftakis sold 2,835 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $17.52, for a total value of $49,669.20. Following the completion of the sale, the insider owned 230,340 shares in the company, valued at approximately $4,035,556.80. This represents a 1.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christina Anagnostara sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $17.19, for a total transaction of $257,850.00. Following the completion of the sale, the director owned 178,239 shares of the company’s stock, valued at approximately $3,063,928.41. This trade represents a 7.76% decrease in their position. The SEC filing for this sale provides additional information. 4.70% of the stock is owned by insiders.

Institutional Trading of Seanergy Maritime

A number of hedge funds have recently modified their holdings of SHIP. NewEdge Advisors LLC acquired a new stake in shares of Seanergy Maritime in the second quarter worth $289,000. Navellier & Associates Inc. purchased a new position in shares of Seanergy Maritime during the second quarter valued at $355,000. Bank of America Corp DE raised its position in Seanergy Maritime by 5.8% during the first quarter. Bank of America Corp DE now owns 159,972 shares of the shipping company’s stock valued at $2,065,000 after buying an additional 8,800 shares during the period. Renaissance Technologies LLC raised its position in Seanergy Maritime by 15.8% during the first quarter. Renaissance Technologies LLC now owns 652,300 shares of the shipping company’s stock valued at $8,421,000 after buying an additional 88,800 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in Seanergy Maritime by 26.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 82,557 shares of the shipping company’s stock valued at $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.

Seanergy Maritime Company Profile

Seanergy Maritime Holdings Corp. is a dry bulk shipping company that owns and operates ocean-going vessels, with a primary focus on Capesize ships. These large vessels are used to transport major dry bulk commodities, including iron ore, coal and grain, between ports worldwide.

The company generates revenue by chartering its vessels to international customers through spot-market and period-charter arrangements. Its operations support global commodity supply chains, with vessels serving major trade routes across the Atlantic, Pacific and other international maritime regions.

Seanergy Maritime was established in 2008 and is incorporated in the Marshall Islands, with management operations based in Greece.