Seanergy Maritime (NASDAQ:SHIP) Raised to “Strong-Buy” at Zacks Research

Seanergy Maritime (NASDAQ:SHIP) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research analysts also recently weighed in on SHIP. B. Riley Financial upped their target price on Seanergy Maritime from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Seanergy Maritime in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Seanergy Maritime presently has a consensus rating of “Buy” and a consensus price target of $25.00.

Seanergy Maritime Price Performance

Shares of SHIP stock opened at $15.92 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.83 and a current ratio of 0.85. Seanergy Maritime has a fifty-two week low of $7.21 and a fifty-two week high of $18.48. The firm has a market cap of $332.73 million, a P/E ratio of 5.57 and a beta of 0.92. The business’s 50 day moving average price is $15.34 and its 200-day moving average price is $14.20.

Seanergy Maritime (NASDAQ:SHIP) last announced its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.27. The company had revenue of $55.69 million during the quarter, compared to analyst estimates of $53.90 million. Seanergy Maritime had a return on equity of 21.87% and a net margin of 30.68%. On average, equities research analysts anticipate that Seanergy Maritime will post 3.16 earnings per share for the current year.

Insider Activity at Seanergy Maritime

In other news, Director Christina Anagnostara sold 15,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $17.19, for a total transaction of $257,850.00. Following the completion of the transaction, the director directly owned 178,239 shares in the company, valued at $3,063,928.41. This trade represents a 7.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SHIP. Walleye Capital LLC lifted its stake in shares of Seanergy Maritime by 674.4% in the 4th quarter. Walleye Capital LLC now owns 294,523 shares of the shipping company’s stock worth $2,718,000 after purchasing an additional 256,492 shares during the period. Millennium Management LLC grew its position in Seanergy Maritime by 400.8% during the fourth quarter. Millennium Management LLC now owns 293,220 shares of the shipping company’s stock valued at $2,706,000 after buying an additional 234,672 shares during the period. Renaissance Technologies LLC raised its position in Seanergy Maritime by 15.8% in 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. Arrowstreet Capital Limited Partnership grew its position in shares of Seanergy Maritime by 512.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 86,566 shares of the shipping company’s stock valued at $546,000 after acquiring an additional 72,423 shares during the period. Finally, Jane Street Group LLC raised its holdings in Seanergy Maritime by 235.9% in the 4th quarter. Jane Street Group LLC now owns 100,363 shares of the shipping company’s stock worth $926,000 after purchasing an additional 70,481 shares during the period. 29.36% of the stock is owned by hedge funds and other institutional investors.

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.