Euroseas Ltd. (NASDAQ:ESEA) Shares Shorted: Short Interest Down 43.6% in September

Euroseas Ltd. (NASDAQ:ESEA) was the target of a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 31,339 shares, a decline of 43.6% from the September 15th total of 55,584 shares. Based on an average trading volume of 48,837 shares, the short-interest ratio is presently 0.6 days. Currently, 1.0% of the shares of the company are sold short.

Euroseas Stock Down 2.2%

Shares of NASDAQ:ESEA traded down $1.50 during trading hours on Thursday, reaching $67.45. The stock had a trading volume of 36,154 shares, compared to its average volume of 58,044. The stock has a market capitalization of $476.20 million, a price-to-earnings ratio of 3.47 and a beta of 0.62. The company has a debt-to-equity ratio of 0.36, a quick ratio of 5.38 and a current ratio of 5.46. The firm’s 50 day moving average is $74.00 and its 200-day moving average is $71.14. Euroseas has a 1 year low of $51.00 and a 1 year high of $79.67.

Euroseas (NASDAQ:ESEA) last announced its quarterly earnings results on Thursday, August 13th. The shipping company reported $4.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.09 by $0.61. Euroseas had a return on equity of 26.58% and a net margin of 59.98%. The firm had revenue of $56.50 million during the quarter, compared to the consensus estimate of $55.98 million. Research analysts predict that Euroseas will post 18.03 earnings per share for the current fiscal year.

Euroseas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 9th were paid a $0.80 dividend. The ex-dividend date was Wednesday, September 9th. This represents a $3.20 dividend on an annualized basis and a yield of 4.7%. Euroseas’s payout ratio is currently 16.47%.

Analyst Ratings Changes

Several analysts have commented on the company. Weiss Ratings lowered Euroseas from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. Freedom Broker assumed coverage on Euroseas in a report on Tuesday, September 29th. They set a “buy” rating and a $93.00 price target for the company. Finally, Zacks Research cut shares of Euroseas from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Euroseas has an average rating of “Moderate Buy” and an average target price of $93.00.

Insider Buying and Selling

In other Euroseas news, insider Symeon Pariaros sold 950 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.00, for a total value of $75,050.00. Following the sale, the insider owned 1,900 shares in the company, valued at approximately $150,100. This represents a 33.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 55.90% of the company’s stock.

Institutional Trading of Euroseas

A number of hedge funds have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd grew its position in Euroseas by 33.1% in the 2nd quarter. WINTON GROUP Ltd now owns 8,036 shares of the shipping company’s stock valued at $533,000 after buying an additional 1,998 shares during the last quarter. Navellier & Associates Inc. raised its stake in shares of Euroseas by 94.8% during the 2nd quarter. Navellier & Associates Inc. now owns 15,562 shares of the shipping company’s stock worth $1,033,000 after buying an additional 7,575 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Euroseas in the second quarter valued at approximately $423,000. Redhawk Wealth Advisors Inc. increased its position in Euroseas by 36.2% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 4,149 shares of the shipping company’s stock worth $275,000 after purchasing an additional 1,102 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Euroseas by 4.2% in the first quarter. Renaissance Technologies LLC now owns 100,765 shares of the shipping company’s stock valued at $6,736,000 after buying an additional 4,087 shares during the last quarter. 6.27% of the stock is owned by institutional investors and hedge funds.

About Euroseas

Euroseas Ltd. (NASDAQ: ESEA) is a shipping company that owns and operates containerships engaged in the transportation of containerized cargo. Its vessels generally serve the feeder and intermediate segments of the container shipping market, connecting smaller or regional ports with major international trade routes.

The company’s fleet is employed primarily through time charters, voyage charters and pool arrangements, depending on market conditions and vessel characteristics. Euroseas serves customers involved in global commerce across a range of international and regional trading areas, with operations managed from Athens, Greece, and a corporate domicile in the Marshall Islands.

Euroseas was established in 2005 by the Pittas family, which has a long history in commercial shipping.