Euroseas (NASDAQ:ESEA) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Euroseas (NASDAQ:ESEAFree Report) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

A number of other brokerages have also recently issued reports on ESEA. Wall Street Zen raised Euroseas from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Maxim Group increased their target price on shares of Euroseas from $57.00 to $62.00 and gave the stock a “buy” rating in a research report on Monday, June 23rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Euroseas in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Check Out Our Latest Report on Euroseas

Euroseas Stock Down 1.6%

NASDAQ ESEA opened at $55.55 on Tuesday. Euroseas has a 1-year low of $26.30 and a 1-year high of $66.00. The company has a market capitalization of $389.41 million, a price-to-earnings ratio of 3.26 and a beta of 0.91. The stock’s 50 day moving average is $60.05 and its two-hundred day moving average is $47.11. The company has a current ratio of 3.21, a quick ratio of 3.15 and a debt-to-equity ratio of 0.51.

Euroseas (NASDAQ:ESEAGet Free Report) last posted its earnings results on Wednesday, August 13th. The shipping company reported $4.20 EPS for the quarter, topping the consensus estimate of $3.87 by $0.33. The business had revenue of $57.23 million during the quarter, compared to the consensus estimate of $53.31 million. Euroseas had a return on equity of 28.56% and a net margin of 53.75%. Equities analysts forecast that Euroseas will post 15.15 earnings per share for the current fiscal year.

Euroseas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 9th were given a dividend of $0.70 per share. This is a positive change from Euroseas’s previous quarterly dividend of $0.65. The ex-dividend date was Tuesday, September 9th. This represents a $2.80 annualized dividend and a yield of 5.0%. Euroseas’s dividend payout ratio is currently 16.45%.

Hedge Funds Weigh In On Euroseas

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its holdings in Euroseas by 387.8% in the second quarter. Bank of America Corp DE now owns 1,117 shares of the shipping company’s stock valued at $50,000 after acquiring an additional 888 shares during the last quarter. Allworth Financial LP acquired a new position in Euroseas during the 2nd quarter valued at about $45,000. Boston Partners boosted its stake in shares of Euroseas by 37.5% in the 1st quarter. Boston Partners now owns 17,045 shares of the shipping company’s stock valued at $522,000 after purchasing an additional 4,647 shares during the last quarter. Geode Capital Management LLC acquired a new stake in shares of Euroseas during the 2nd quarter worth approximately $226,000. Finally, Commons Capital LLC bought a new stake in shares of Euroseas during the second quarter worth approximately $255,000. 6.27% of the stock is owned by institutional investors.

Euroseas Company Profile

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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.

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