Insider Selling: Seanergy Maritime (NASDAQ:SHIP) Insider Sells $49,669.20 in Stock

Seanergy Maritime Holdings Corp (NASDAQ:SHIP) insider Stavros Gyftakis sold 2,835 shares of the company’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $17.52, for a total transaction of $49,669.20. Following the completion of the transaction, the insider owned 230,340 shares of the company’s stock, valued at $4,035,556.80. This trade represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Seanergy Maritime Price Performance

Seanergy Maritime stock opened at $17.11 on Friday. Seanergy Maritime Holdings Corp has a 12-month low of $7.66 and a 12-month high of $19.22. The company has a market capitalization of $357.60 million, a price-to-earnings ratio of 5.98 and a beta of 0.99. The firm’s fifty day moving average price is $17.54 and its 200 day moving average price is $15.80.

Seanergy Maritime (NASDAQ:SHIP) last issued its quarterly earnings data on Thursday, July 30th. The shipping company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.27. Seanergy Maritime had a net margin of 30.68% and a return on equity of 21.87%. The firm had revenue of $55.69 million for the quarter, compared to analyst estimates of $53.90 million. Analysts forecast that Seanergy Maritime Holdings Corp will post 3.16 earnings per share for the current fiscal year.

Seanergy Maritime Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was 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 8.2%. Seanergy Maritime’s dividend payout ratio is 48.95%.

Institutional Trading of Seanergy Maritime

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC bought a new position in Seanergy Maritime during the 2nd quarter valued at $289,000. Navellier & Associates Inc. bought a new position in Seanergy Maritime during the second quarter valued at about $355,000. Bank of America Corp DE boosted its stake 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 in the last quarter. Renaissance Technologies LLC grew its holdings in 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 acquiring an additional 88,800 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings 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 worth $1,066,000 after acquiring an additional 17,274 shares during the period. 29.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

About Seanergy Maritime

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.