Novem Group Has $523,000 Stake in Euroseas Ltd. $ESEA

Novem Group decreased its holdings in Euroseas Ltd. (NASDAQ:ESEA) by 37.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,693 shares of the shipping company’s stock after selling 6,907 shares during the period. Novem Group owned approximately 0.17% of Euroseas worth $523,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ESEA. Millennium Management LLC lifted its stake in shares of Euroseas by 661.4% during the 4th quarter. Millennium Management LLC now owns 40,931 shares of the shipping company’s stock worth $1,482,000 after acquiring an additional 35,555 shares during the last quarter. Boston Partners increased its position in Euroseas by 37.5% during the 1st quarter. Boston Partners now owns 17,045 shares of the shipping company’s stock worth $522,000 after purchasing an additional 4,647 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Euroseas by 1,611.0% in the 4th quarter. Bank of America Corp DE now owns 1,865 shares of the shipping company’s stock valued at $68,000 after purchasing an additional 1,756 shares in the last quarter. Institutional investors own 6.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ESEA shares. Maxim Group raised their target price on shares of Euroseas from $57.00 to $62.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Wall Street Zen raised shares of Euroseas from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, Euroseas presently has an average rating of “Buy” and an average target price of $62.00.

Euroseas Stock Down 0.5%

ESEA stock opened at $61.98 on Friday. The company has a market capitalization of $434.48 million, a P/E ratio of 3.64 and a beta of 0.94. The firm’s fifty day simple moving average is $58.45 and its 200-day simple moving average is $44.62. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.21 and a quick ratio of 3.15. Euroseas Ltd. has a 12 month low of $26.30 and a 12 month high of $66.00.

Euroseas (NASDAQ:ESEA) last posted its quarterly earnings data on Wednesday, August 13th. The shipping company reported $4.20 EPS for the quarter, beating the consensus estimate of $3.87 by $0.33. The business had revenue of $57.23 million during the quarter, compared to analyst estimates of $53.31 million. Euroseas had a net margin of 53.75% and a return on equity of 28.56%. As a group, equities research analysts forecast that Euroseas Ltd. will post 15.15 earnings per share for the current year.

Euroseas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 9th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Tuesday, September 9th. This is an increase from Euroseas’s previous quarterly dividend of $0.65. Euroseas’s payout ratio is presently 16.45%.

Euroseas Company Profile

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.