Seanergy Maritime (NASDAQ:SHIP) Downgraded by StockNews.com to “Buy”

StockNews.com downgraded shares of Seanergy Maritime (NASDAQ:SHIP) from a strong-buy rating to a buy rating in a research report released on Wednesday morning.

Separately, Noble Financial upgraded Seanergy Maritime to a “strong-buy” rating in a research report on Tuesday, July 23rd.

Seanergy Maritime Stock Performance

Shares of SHIP opened at $9.04 on Wednesday. Seanergy Maritime has a 52-week low of $5.29 and a 52-week high of $13.19. The firm has a market capitalization of $187.13 million, a PE ratio of 3.86 and a beta of 0.65. The firm has a 50-day moving average price of $10.51 and a 200 day moving average price of $10.62. The company has a quick ratio of 0.52, a current ratio of 1.99 and a debt-to-equity ratio of 0.72.

Seanergy Maritime (NASDAQ:SHIP) last posted its quarterly earnings data on Tuesday, November 5th. The shipping company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.07. Seanergy Maritime had a net margin of 28.37% and a return on equity of 19.01%. The business had revenue of $44.36 million during the quarter, compared to analysts’ expectations of $42.10 million. During the same period last year, the firm posted ($0.28) earnings per share. On average, sell-side analysts anticipate that Seanergy Maritime will post 2.1 earnings per share for the current fiscal year.

Seanergy Maritime Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 27th. This represents a $1.04 annualized dividend and a dividend yield of 11.50%. This is a boost from Seanergy Maritime’s previous quarterly dividend of $0.25. Seanergy Maritime’s payout ratio is currently 42.74%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SHIP. Quarry LP boosted its stake in shares of Seanergy Maritime by 77.9% during the 3rd quarter. Quarry LP now owns 3,017 shares of the shipping company’s stock worth $37,000 after acquiring an additional 1,321 shares in the last quarter. D.A. Davidson & CO. acquired a new position in shares of Seanergy Maritime in the 3rd quarter valued at $179,000. ORG Partners LLC purchased a new position in Seanergy Maritime in the 2nd quarter worth about $191,000. PDT Partners LLC acquired a new stake in Seanergy Maritime during the 3rd quarter worth about $194,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Seanergy Maritime during the 2nd quarter worth about $213,000. Institutional investors and hedge funds own 29.36% of the company’s stock.

About Seanergy Maritime

Seanergy Maritime Holdings Corp., a shipping company, provides seaborne transportation of dry bulk commodities worldwide. It operates a fleet of 16 Capesize dry bulk vessels and one Newcastlemax dry bulk vessel with a cargo-carrying capacity of approximately 3,054,820 dwt. The company was formerly known as Seanergy Merger Corp.