Zacks Research Downgrades Euroseas (NASDAQ:ESEA) to Hold

Euroseas (NASDAQ:ESEA) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently issued reports on ESEA. Weiss Ratings cut shares of Euroseas from a “buy (b)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Alliance Global Partners reaffirmed a “buy” rating on shares of Euroseas in a research note on Monday, April 20th. Finally, Wall Street Zen upgraded Euroseas from a “hold” rating to a “buy” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Euroseas currently has an average rating of “Hold”.

Euroseas Stock Performance

NASDAQ:ESEA opened at $79.39 on Wednesday. The company has a quick ratio of 5.38, a current ratio of 5.46 and a debt-to-equity ratio of 0.39. Euroseas has a twelve month low of $48.89 and a twelve month high of $79.48. The company has a fifty day moving average of $69.13 and a 200-day moving average of $65.82. The firm has a market capitalization of $560.49 million, a P/E ratio of 4.18 and a beta of 0.45.

Euroseas (NASDAQ:ESEA) last issued its earnings results on Thursday, May 21st. The shipping company reported $4.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.26 by $0.44. Euroseas had a net margin of 58.31% and a return on equity of 27.55%. The business had revenue of $55.84 million for the quarter, compared to analyst estimates of $56.61 million. As a group, sell-side analysts anticipate that Euroseas will post 18.1 EPS for the current year.

Hedge Funds Weigh In On Euroseas

A number of hedge funds have recently added to or reduced their stakes in ESEA. Russell Investments Group Ltd. purchased a new stake in shares of Euroseas in the fourth quarter worth approximately $34,000. Bank of America Corp DE boosted its position in shares of Euroseas by 387.8% during the second quarter. Bank of America Corp DE now owns 1,117 shares of the shipping company’s stock valued at $50,000 after buying an additional 888 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Euroseas by 540.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,280 shares of the shipping company’s stock worth $76,000 after buying an additional 1,080 shares in the last quarter. Quarry LP bought a new stake in Euroseas during the third quarter worth $89,000. Finally, Magnetar Financial LLC purchased a new stake in Euroseas in the 4th quarter valued at $204,000. Institutional investors and hedge funds own 6.27% of the company’s stock.

Euroseas Company Profile

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.