Short Interest in Euroseas Ltd. (NASDAQ:ESEA) Rises By 59.1%

Key Points

• Short interest in Euroseas Ltd. (NASDAQ:ESEA) increased by 59.1% in September, bringing total shares sold short to 40,900 as of September 15.
• Institutional ownership of Euroseas is currently 6.27%, with significant increases in investments from firms like Bank of America Corp DE and Boston Partners.
• Euroseas declared a quarterly dividend of $0.70, up from $0.65, resulting in an annualized dividend yield of 4.9%.

Euroseas Ltd. (NASDAQ:ESEA - Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 40,900 shares, an increase of 59.1% from the August 31st total of 25,700 shares. Based on an average daily volume of 46,000 shares, the short-interest ratio is currently 0.9 days. Currently, 1.5% of the shares of the stock are sold short. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily volume of 46,000 shares, the short-interest ratio is currently 0.9 days.

Institutional Trading of Euroseas

Several large investors have recently modified their holdings of ESEA. Bank of America Corp DE grew its position in shares of Euroseas by 1,611.0% in the fourth quarter. Bank of America Corp DE now owns 1,865 shares of the shipping company's stock valued at $68,000 after purchasing an additional 1,756 shares during the last quarter. Boston Partners grew its position in shares of Euroseas by 37.5% in the first 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. Commons Capital LLC acquired a new stake in shares of Euroseas in the second quarter valued at approximately $255,000. Allworth Financial LP acquired a new stake in shares of Euroseas in the second quarter valued at approximately $45,000. Finally, Geode Capital Management LLC acquired a new stake in shares of Euroseas in the second quarter valued at approximately $226,000. 6.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ESEA has been the subject of several research analyst reports. Maxim Group upped their price target 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. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Euroseas in a research report on Saturday, September 27th. Finally, Wall Street Zen raised shares of Euroseas from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $62.00.

Euroseas Price Performance

ESEA traded down $0.33 on Monday, hitting $57.45. 7,626 shares of the company were exchanged, compared to its average volume of 37,922. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.15 and a current ratio of 3.21. The business's fifty day moving average is $59.28 and its 200 day moving average is $45.74. Euroseas has a fifty-two week low of $26.30 and a fifty-two week high of $66.00. The firm has a market capitalization of $402.70 million, a P/E ratio of 3.38 and a beta of 0.91.

Euroseas (NASDAQ:ESEA - Get Free Report) last issued its earnings results on Wednesday, August 13th. The shipping company reported $4.20 earnings per share for the quarter, topping the consensus estimate of $3.87 by $0.33. Euroseas had a net margin of 53.75% and a return on equity of 28.56%. The company had revenue of $57.23 million for the quarter, compared to analyst estimates of $53.31 million. As a group, sell-side analysts anticipate that Euroseas will post 15.15 EPS for the current year.

Euroseas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 9th were given a $0.70 dividend. This is a boost from Euroseas's previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Tuesday, September 9th. Euroseas's dividend payout ratio (DPR) is currently 16.45%.

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.

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