Zacks Research lowered shares of Seanergy Maritime (NASDAQ:SHIP – Free Report) from a strong-buy rating to a hold rating in a report released on Tuesday morning,Zacks reports.
Several other research firms also recently weighed in on SHIP. B. Riley Financial raised their price objective on Seanergy Maritime from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Weiss Ratings upgraded Seanergy Maritime from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.00.
Read Our Latest Report on SHIP
Seanergy Maritime Trading Down 0.1%
Seanergy Maritime (NASDAQ:SHIP – Get Free Report) last issued its earnings results on Thursday, July 30th. The shipping company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.27. The company had revenue of $55.69 million during the quarter, compared to analysts’ expectations of $53.90 million. Seanergy Maritime had a net margin of 30.68% and a return on equity of 21.87%. On average, research analysts predict that Seanergy Maritime will post 3.16 earnings per share for the current fiscal year.
Seanergy Maritime Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 25th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 25th. 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 8.5%. Seanergy Maritime’s dividend payout ratio is 48.95%.
Insider Buying and Selling
In related news, Director Christina Anagnostara sold 15,000 shares of the business’s stock in a transaction dated 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 transaction, the director owned 178,239 shares of the company’s stock, valued at approximately $3,063,928.41. The trade was a 7.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.70% of the company’s stock.
Institutional Investors Weigh In On Seanergy Maritime
Several hedge funds have recently modified their holdings of SHIP. Renaissance Technologies LLC grew its holdings 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 buying an additional 88,800 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of 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. Arrowstreet Capital Limited Partnership lifted its stake in shares of 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. R Squared Ltd boosted its position in Seanergy Maritime by 59.3% during the first quarter. R Squared Ltd now owns 29,062 shares of the shipping company’s stock worth $375,000 after acquiring an additional 10,816 shares during the last quarter. Finally, Navellier & Associates Inc. acquired a new stake in Seanergy Maritime during the second quarter worth approximately $355,000. 29.36% of the stock is owned by institutional investors and hedge funds.
About Seanergy Maritime
Seanergy Maritime Holdings Corp. is an international dry bulk shipping company listed on the Nasdaq Capital Market under the symbol SHIP. The company owns and operates oceangoing vessels that transport major dry bulk commodities for industrial and commercial customers worldwide.
Seanergy’s fleet is focused primarily on Capesize and Newcastlemax vessels, which are among the largest dry bulk ships and are commonly used to carry iron ore, coal, and grain. The company generates revenue by chartering its vessels to customers and shipping counterparties under various types of charter arrangements.
Founded in 2008, Seanergy is headquartered in Athens, Greece, and serves global trade routes connecting major commodity-exporting and importing regions.
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