Euroseas (NASDAQ:ESEA) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Euroseas Ltd. (NASDAQ:ESEA) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $63.85 and traded as high as $71.11. Euroseas shares last traded at $68.98, with a volume of 66,384 shares changing hands.

Analysts Set New Price Targets

Several research analysts have issued reports on ESEA shares. Wall Street Zen upgraded shares of Euroseas from a “hold” rating to a “buy” rating in a report on Monday, June 1st. Zacks Research raised shares of Euroseas from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Weiss Ratings cut shares of Euroseas from a “buy (b)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Euroseas in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy”.

Euroseas Stock Performance

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 firm has a market capitalization of $487.00 million, a P/E ratio of 3.63 and a beta of 0.45. The company’s 50 day moving average is $68.45 and its 200-day moving average is $63.85.

Euroseas (NASDAQ:ESEA) last posted its quarterly earnings results on Thursday, May 21st. The shipping company reported $4.70 earnings per share for the quarter, beating the consensus estimate of $4.26 by $0.44. Euroseas had a net margin of 58.31% and a return on equity of 27.55%. The firm had revenue of $55.84 million during the quarter, compared to the consensus estimate of $56.61 million. As a group, equities analysts anticipate that Euroseas Ltd. will post 18.1 EPS for the current year.

Euroseas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Stockholders of record on Tuesday, June 9th were issued a dividend of $0.80 per share. This is a positive change from Euroseas’s previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Tuesday, June 9th. Euroseas’s dividend payout ratio is presently 16.86%.

Hedge Funds Weigh In On Euroseas

A number of institutional investors have recently modified their holdings of ESEA. Renaissance Technologies LLC grew its holdings in shares of Euroseas by 4.2% during 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. Millennium Management LLC raised its holdings in shares of Euroseas by 171.7% in the 4th quarter. Millennium Management LLC now owns 53,386 shares of the shipping company’s stock worth $2,915,000 after acquiring an additional 33,738 shares during the last quarter. Lazard Asset Management LLC lifted its position in Euroseas by 3.7% in the 4th quarter. Lazard Asset Management LLC now owns 35,031 shares of the shipping company’s stock valued at $1,913,000 after acquiring an additional 1,262 shares in the last quarter. Citadel Advisors LLC lifted its position in Euroseas by 144.9% in the 3rd quarter. Citadel Advisors LLC now owns 26,576 shares of the shipping company’s stock valued at $1,584,000 after acquiring an additional 15,724 shares in the last quarter. Finally, Inspire Investing LLC acquired a new position in Euroseas during the 1st quarter valued at about $1,591,000. 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.