Zacks Research Upgrades Seanergy Maritime (NASDAQ:SHIP) to Strong-Buy

Seanergy Maritime (NASDAQ:SHIP) was upgraded by 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 equities research analysts have also commented on the stock. 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 report on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Seanergy Maritime in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Seanergy Maritime currently has a consensus rating of “Buy” and a consensus target price of $25.00.

Seanergy Maritime Trading Down 1.0%

SHIP stock opened at $15.92 on Monday. The business has a fifty day moving average price of $15.34 and a 200 day moving average price of $14.20. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.85 and a quick ratio of 0.83. Seanergy Maritime has a fifty-two week low of $7.21 and a fifty-two week high of $18.48. The stock has a market capitalization of $332.73 million, a price-to-earnings ratio of 5.57 and a beta of 0.92.

Seanergy Maritime (NASDAQ:SHIP) last announced its earnings results on Thursday, July 30th. The shipping company reported $1.32 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 company had revenue of $55.69 million for the quarter, compared to analysts’ expectations of $53.90 million. Analysts expect that Seanergy Maritime will post 3.16 EPS for the current fiscal year.

Insider Transactions at Seanergy Maritime

In related news, Director Christina Anagnostara sold 15,000 shares of Seanergy Maritime stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $17.19, for a total value of $257,850.00. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Seanergy Maritime

A number of institutional investors and hedge funds have recently modified their holdings of the business. Walleye Capital LLC grew its holdings in Seanergy Maritime by 674.4% during the 4th quarter. Walleye Capital LLC now owns 294,523 shares of the shipping company’s stock worth $2,718,000 after acquiring an additional 256,492 shares during the period. Millennium Management LLC lifted its stake in shares of Seanergy Maritime by 400.8% in the 4th quarter. Millennium Management LLC now owns 293,220 shares of the shipping company’s stock valued at $2,706,000 after purchasing an additional 234,672 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Seanergy Maritime by 15.8% in the 1st quarter. Renaissance Technologies LLC now owns 652,300 shares of the shipping company’s stock valued at $8,421,000 after purchasing an additional 88,800 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Seanergy Maritime by 512.1% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 86,566 shares of the shipping company’s stock worth $546,000 after purchasing an additional 72,423 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in shares of 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 last quarter. 29.36% of the stock is owned by institutional investors.

About Seanergy Maritime

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.