Euroseas (NASDAQ:ESEA) Releases Earnings Results, Misses Expectations By $0.15 EPS
Euroseas (NASDAQ:ESEA) reported quarterly earnings of $4.25 per share, missing analysts' expectations by $0.15. The company generated $57.23 million in revenue, slightly below the expected $57.61 million. Despite the earnings miss, Euroseas' stock rose 7.9% to $60.17. The company announced a quarterly dividend of $0.70 per share, payable on December 16th. Analysts have given Euroseas a consensus rating of 'Moderate Buy' with a price target of $62.00.
Euroseas (NASDAQ:ESEA - Get Free Report) released its earnings results on Tuesday. The shipping company reported $4.25 earnings per share for the quarter, missing analysts' consensus estimates of $4.40 by ($0.15), RTT News reports. Euroseas had a net margin of 53.75% and a return on equity of 28.56%. The company had revenue of $57.23 million during the quarter, compared to the consensus estimate of $57.61 million. During the same period last year, the firm posted $3.92 EPS.
Euroseas Trading Up 7.9%
Euroseas stock traded up $4.41 during mid-day trading on Wednesday, reaching $60.17. 18,214 shares of the company traded hands, compared to its average volume of 37,527. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.21 and a quick ratio of 3.15. Euroseas has a 52-week low of $26.30 and a 52-week high of $66.00. The firm has a market capitalization of $421.61 million, a price-to-earnings ratio of 3.54 and a beta of 0.94. The firm's 50 day moving average price is $58.83 and its 200 day moving average price is $51.97.
Euroseas Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 16th. Shareholders of record on Tuesday, December 9th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, December 9th. Euroseas's payout ratio is presently 16.45%.
Hedge Funds Weigh In On Euroseas
Several hedge funds and other institutional investors have recently modified their holdings of ESEA. Bank of America Corp DE raised its stake in Euroseas by 387.8% in the second quarter. Bank of America Corp DE now owns 1,117 shares of the shipping company's stock worth $50,000 after buying an additional 888 shares in the last quarter. Quarry LP purchased a new position in shares of Euroseas during the 3rd quarter worth approximately $89,000. Susquehanna International Group LLP purchased a new position in shares of Euroseas in the 3rd quarter valued at approximately $253,000. Qube Research & Technologies Ltd purchased a new position in Euroseas during the third quarter valued at $253,000. Finally, Geode Capital Management LLC bought a new stake in shares of Euroseas in the 2nd quarter worth approximately $226,000. Hedge funds and other institutional investors own 6.27% of the company's stock.
Analyst Ratings Changes
Several analysts have weighed in on ESEA shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Euroseas in a research report on Wednesday, October 8th. Zacks Research lowered shares of Euroseas from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 14th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Euroseas currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.
Read Our Latest Report on Euroseas
Euroseas Company Profile
(Get Free Report)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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