Novem Group Makes New Investment in Euroseas Ltd. (NASDAQ:ESEA)

Novem Group acquired a new stake in shares of Euroseas Ltd. (NASDAQ:ESEA - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,400 shares of the shipping company's stock, valued at approximately $847,000. Novem Group owned about 0.33% of Euroseas as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC raised its holdings in Euroseas by 67.5% during the third quarter. Barclays PLC now owns 623 shares of the shipping company's stock valued at $30,000 after acquiring an additional 251 shares during the period. Exchange Traded Concepts LLC purchased a new stake in Euroseas in the 4th quarter worth about $306,000. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Euroseas by 46.1% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 11,410 shares of the shipping company's stock worth $413,000 after acquiring an additional 3,600 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Euroseas by 389.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 53,840 shares of the shipping company's stock worth $1,949,000 after purchasing an additional 42,830 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Euroseas by 17.0% in the 4th quarter. Renaissance Technologies LLC now owns 115,078 shares of the shipping company's stock valued at $4,166,000 after buying an additional 16,700 shares during the period. 6.27% of the stock is owned by hedge funds and other institutional investors.

Euroseas Stock Performance

Shares of NASDAQ ESEA traded up $0.63 during midday trading on Tuesday, reaching $38.46. 8,507 shares of the stock were exchanged, compared to its average volume of 37,761. Euroseas Ltd. has a twelve month low of $26.30 and a twelve month high of $50.92. The company has a quick ratio of 1.59, a current ratio of 1.65 and a debt-to-equity ratio of 0.53. The firm has a 50-day simple moving average of $32.33 and a two-hundred day simple moving average of $34.19. The firm has a market cap of $269.60 million, a price-to-earnings ratio of 2.37 and a beta of 0.75.

Euroseas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were issued a dividend of $0.65 per share. This is a boost from Euroseas's previous quarterly dividend of $0.60. This represents a $2.60 annualized dividend and a dividend yield of 6.76%. The ex-dividend date of this dividend was Tuesday, March 11th. Euroseas's payout ratio is currently 16.10%.

Analysts Set New Price Targets

Separately, Wall Street Zen began coverage on Euroseas in a research note on Tuesday, May 20th. They set a "hold" rating for the company.

About Euroseas

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.