Euroseas (NASDAQ:ESEA) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Euroseas shares broke above their 200-day moving average, reaching $78.00 before closing at $77.59, compared with the long-term average of $70.48.
• The company reported quarterly earnings of $4.70 per share, beating estimates by $0.61, while revenue of $56.50 million also exceeded expectations.
• Analysts maintain a consensus “Hold” rating; Euroseas also paid a quarterly dividend of $0.80 per share, equivalent to a 4.1% annualized yield.

Euroseas Ltd. (NASDAQ:ESEA - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $70.48 and traded as high as $78.00. Euroseas shares last traded at $77.59, with a volume of 46,725 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ESEA. Weiss Ratings upgraded Euroseas from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, August 14th. Zacks Research cut Euroseas from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Finally, Wall Street Zen raised shares of Euroseas from a "hold" rating to a "buy" rating in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold".

Euroseas Stock Performance

The stock has a 50 day simple moving average of $75.07 and a 200 day simple moving average of $70.48. The company has a market cap of $547.79 million, a price-to-earnings ratio of 3.99 and a beta of 0.41. The company has a quick ratio of 5.38, a current ratio of 5.46 and a debt-to-equity ratio of 0.36.

Euroseas (NASDAQ:ESEA - Get Free Report) last issued its earnings results on Thursday, August 13th. The shipping company reported $4.70 earnings per share for the quarter, topping the consensus estimate of $4.09 by $0.61. The company had revenue of $56.50 million during the quarter, compared to the consensus estimate of $55.98 million. Euroseas had a return on equity of 26.58% and a net margin of 59.98%. As a group, analysts predict that Euroseas Ltd. will post 18.03 EPS for the current year.

Euroseas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 9th were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Wednesday, September 9th. Euroseas's payout ratio is presently 16.47%.

Insider Buying and Selling at Euroseas

In other news, insider Symeon Pariaros sold 950 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $79.00, for a total value of $75,050.00. Following the completion of the transaction, the insider directly owned 1,900 shares in the company, valued at approximately $150,100. This represents a 33.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 55.90% of the company's stock.

Hedge Funds Weigh In On Euroseas

Institutional investors have recently added to or reduced their stakes in the company. Redhawk Wealth Advisors Inc. grew its stake in shares of Euroseas by 36.2% during the second quarter. Redhawk Wealth Advisors Inc. now owns 4,149 shares of the shipping company's stock valued at $275,000 after acquiring an additional 1,102 shares in the last quarter. State of Wyoming acquired a new position in shares of Euroseas in the first quarter worth about $323,000. Public Employees Retirement System of Ohio acquired a new position in shares of Euroseas in the second quarter worth about $423,000. WINTON GROUP Ltd lifted its stake in shares of Euroseas by 33.1% in the second quarter. WINTON GROUP Ltd now owns 8,036 shares of the shipping company's stock worth $533,000 after acquiring an additional 1,998 shares in the last quarter. Finally, Navellier & Associates Inc. boosted its holdings in Euroseas by 94.8% in the second quarter. Navellier & Associates Inc. now owns 15,562 shares of the shipping company's stock valued at $1,033,000 after purchasing an additional 7,575 shares during the last quarter. Institutional investors and hedge funds own 6.27% of the company's stock.

Euroseas Company Profile

Euroseas Ltd. NASDAQ: ESEA is a shipping company that owns and operates containerships. The company primarily focuses on feeder and intermediate-size vessels, which transport containerized cargo on regional and international trade routes and connect smaller ports with major shipping hubs.

Euroseas charters its vessels to liner companies and other customers under a combination of time-charter and voyage arrangements. Its fleet serves global container transportation markets, with operations managed from Greece and vessels registered under international shipping jurisdictions.

Founded in 2005, Euroseas is led by Aristides Pittas, who serves as chairman and chief executive officer.

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