Euroseas (NASDAQ:ESEA) Shares Pass Above 200 Day Moving Average – Here’s Why

Euroseas Ltd. (NASDAQ:ESEA)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $62.79 and traded as high as $70.40. Euroseas shares last traded at $68.56, with a volume of 69,458 shares trading hands.

Analyst Upgrades and Downgrades

ESEA has been the topic of a number of research analyst reports. Alliance Global Partners reissued a “buy” rating on shares of Euroseas in a report on Monday, April 20th. Wall Street Zen raised shares of Euroseas from a “hold” rating to a “buy” rating in a report on Monday, June 1st. Finally, Weiss Ratings lowered shares of Euroseas from a “buy (b)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Euroseas Price Performance

The stock has a market capitalization of $484.03 million, a PE ratio of 3.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.39, a current ratio of 5.46 and a quick ratio of 5.38. The firm’s 50 day simple moving average is $68.91 and its 200 day simple moving average is $62.79.

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

Euroseas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Tuesday, June 9th were paid a $0.80 dividend. This is a boost from Euroseas’s previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Tuesday, June 9th. Euroseas’s payout ratio is presently 16.86%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new position in shares of Euroseas in the fourth quarter worth about $34,000. Bank of America Corp DE grew its position in 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 acquiring an additional 888 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in 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 acquiring an additional 1,080 shares during the last quarter. Quarry LP purchased a new position in Euroseas in the 3rd quarter worth approximately $89,000. Finally, Magnetar Financial LLC purchased a new position in Euroseas in the 4th quarter worth approximately $204,000. 6.27% of the stock is owned by institutional investors.

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.