Euroseas (NASDAQ:ESEA) Shares Up 6% – Here’s What Happened

Shares of Euroseas Ltd. (NASDAQ:ESEA) traded up 6% on Monday . The stock traded as high as $79.00 and last traded at $78.2090. Approximately 7,377 shares changed hands during trading, a decline of 88% from the average daily volume of 63,456 shares. The stock had previously closed at $73.80.

Wall Street Analyst Weigh In

ESEA has been the topic of a number of recent analyst reports. Zacks Research cut Euroseas from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings cut shares of Euroseas from a “buy (b)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Alliance Global Partners reaffirmed a “buy” rating on shares of Euroseas in a research note on Monday, April 20th. Finally, Wall Street Zen upgraded Euroseas from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Euroseas Trading Up 5.5%

The company has a quick ratio of 5.38, a current ratio of 5.46 and a debt-to-equity ratio of 0.39. The company has a market cap of $549.24 million, a price-to-earnings ratio of 4.01 and a beta of 0.45. The firm has a 50 day moving average price of $71.35 and a two-hundred day moving average price of $67.49.

Euroseas (NASDAQ:ESEA) last announced its earnings results on Thursday, August 13th. The shipping company reported $4.70 EPS for the quarter, beating the consensus estimate of $4.09 by $0.61. Euroseas had a return on equity of 27.49% and a net margin of 59.98%.The business had revenue of $56.50 million for the quarter, compared to analysts’ expectations of $55.98 million. As a group, equities analysts forecast that Euroseas Ltd. will post 18.1 earnings per share for the current year.

Euroseas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 9th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $3.20 dividend on an annualized basis and a yield of 4.1%. Euroseas’s dividend payout ratio is 16.47%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ESEA. Russell Investments Group Ltd. acquired a new stake in Euroseas during the fourth quarter worth approximately $34,000. Bank of America Corp DE boosted its holdings in shares of Euroseas by 387.8% during the 2nd quarter. Bank of America Corp DE now owns 1,117 shares of the shipping company’s stock worth $50,000 after buying an additional 888 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Euroseas by 540.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,280 shares of the shipping company’s stock worth $76,000 after buying an additional 1,080 shares during the period. Quarry LP acquired a new stake in shares of Euroseas during the 3rd quarter worth approximately $89,000. Finally, Magnetar Financial LLC bought a new stake in shares of Euroseas in the 4th quarter valued at $204,000. 6.27% of the stock is owned by institutional investors and hedge funds.

About Euroseas

Euroseas Ltd. (NASDAQ: ESEA) is an international shipping company specializing in seaborne transportation of containerized and drybulk cargoes. Incorporated in Bermuda with its principal operations and management office based in Athens, Greece, the company owns and charters a diversified fleet of containerships, drybulk carriers and multipurpose vessels. Euroseas provides tailored shipping solutions on time-charter and voyage-charter agreements, serving manufacturers, commodity traders and logistics providers across major trade routes.

Euroseas’s fleet comprises both owned and chartered tonnage, enabling the company to adjust capacity to market conditions and customer requirements.