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

Euroseas Ltd. (NASDAQ:ESEA) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $48.18 and traded as high as $57.15. Euroseas shares last traded at $55.47, with a volume of 19,293 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ESEA. Zacks Research downgraded Euroseas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Euroseas in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Euroseas Stock Down 0.4%

The company has a 50-day simple moving average of $60.21 and a 200 day simple moving average of $48.18. The company has a market cap of $388.68 million, a P/E ratio of 3.26 and a beta of 0.91. 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:ESEA) last posted its quarterly earnings results on Wednesday, August 13th. The shipping company reported $4.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.87 by $0.33. Euroseas had a return on equity of 28.56% and a net margin of 53.75%.The business had revenue of $57.23 million for the quarter, compared to the consensus estimate of $53.31 million. On average, equities analysts anticipate that Euroseas Ltd. will post 15.15 EPS for the current year.

Euroseas Increases Dividend

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

Hedge Funds Weigh In On Euroseas

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in shares of Euroseas during the 2nd quarter worth $870,000. Boston Partners grew its position in shares of 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 buying an additional 4,647 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Euroseas during the second quarter valued at about $319,000. Tidal Investments LLC bought a new stake in Euroseas during the second quarter valued at about $277,000. Finally, Jump Financial LLC bought a new stake in Euroseas during the second quarter valued at about $260,000. Institutional investors own 6.27% of the company’s stock.

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.