Euroseas (NASDAQ:ESEA) Trading Up 7.7% Following Strong Earnings

Euroseas Ltd. (NASDAQ:ESEA) traded up 7.7% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $77.80 and last traded at $76.6650. 14,242 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 64,379 shares. The stock had previously closed at $71.20.

The shipping company reported $4.70 earnings per share for the quarter, beating the consensus estimate of $4.54 by $0.16. Euroseas had a return on equity of 27.82% and a net margin of 60.11%.

Euroseas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 17th. Stockholders of record on Tuesday, March 10th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Euroseas’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Tuesday, March 10th. Euroseas’s payout ratio is currently 15.29%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Euroseas in a research note on Monday, April 20th. Wall Street Zen raised shares of Euroseas from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Hedge Funds Weigh In On Euroseas

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC raised its holdings in 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 purchasing an additional 33,738 shares in the last quarter. Inspire Investing LLC bought a new stake in shares of Euroseas during the 1st quarter valued at about $1,591,000. Raymond James Financial Inc. purchased a new position in shares of Euroseas during the second quarter valued at about $870,000. Mackenzie Financial Corp purchased a new position in shares of Euroseas during the third quarter valued at about $1,136,000. Finally, Two Sigma Investments LP bought a new position in Euroseas in the third quarter worth about $989,000. 6.27% of the stock is owned by hedge funds and other institutional investors.

Euroseas Stock Up 7.3%

The company’s fifty day simple moving average is $68.46 and its 200 day simple moving average is $61.62. The company has a quick ratio of 4.82, a current ratio of 4.89 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $539.17 million, a PE ratio of 3.89 and a beta of 0.54.

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.