Zacks Investment Research upgraded shares of Costamare Inc. (NYSE:CMRE) from a sell rating to a hold rating in a research note released on Monday.
According to Zacks, “Costamare Inc. operates as a containership owner chartering its vessels to liner companies. The Company deploys its containership fleet principally under multi-year time charters with leading liner companies that operate regularly scheduled routes between large commercial ports. It also provides a range of shipping services, such as technical support and maintenance, insurance consulting, financial and accounting services. Costamare Inc. is headquartered in Athens, Greece. “
CMRE has been the topic of a number of other reports. BidaskClub raised Costamare from a hold rating to a buy rating in a report on Thursday, July 6th. Stifel Nicolaus reissued a hold rating and issued a $7.00 price target on shares of Costamare in a report on Friday, July 14th. Finally, ValuEngine cut Costamare from a buy rating to a hold rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $7.04.
Shares of Costamare (CMRE) traded down 1.349% during midday trading on Monday, hitting $6.215. 703,792 shares of the company traded hands. The stock has a 50 day moving average of $6.13 and a 200-day moving average of $6.66. Costamare has a 52 week low of $5.07 and a 52 week high of $8.18. The stock has a market capitalization of $658.73 million, a PE ratio of 15.499 and a beta of 2.17.
Costamare (NYSE:CMRE) last posted its quarterly earnings results on Tuesday, October 24th. The shipping company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The firm had revenue of $98.40 million during the quarter, compared to analyst estimates of $100.24 million. Costamare had a return on equity of 7.57% and a net margin of 14.03%. Costamare’s quarterly revenue was down 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.37 EPS. Equities analysts forecast that Costamare will post $0.77 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Monday, October 23rd will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, October 20th. This represents a $0.40 annualized dividend and a yield of 6.35%. Costamare’s payout ratio is presently 111.11%.
A number of institutional investors have recently made changes to their positions in the business. Chicago Equity Partners LLC boosted its position in Costamare by 2,091.9% during the second quarter. Chicago Equity Partners LLC now owns 227,960 shares of the shipping company’s stock valued at $1,666,000 after purchasing an additional 217,560 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Costamare by 15,719.7% during the second quarter. JPMorgan Chase & Co. now owns 2,601,704 shares of the shipping company’s stock valued at $19,019,000 after purchasing an additional 2,585,258 shares in the last quarter. Acadian Asset Management LLC boosted its position in Costamare by 125.2% during the second quarter. Acadian Asset Management LLC now owns 685,085 shares of the shipping company’s stock valued at $5,009,000 after purchasing an additional 380,884 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Costamare by 31.0% during the second quarter. Russell Investments Group Ltd. now owns 180,923 shares of the shipping company’s stock valued at $1,322,000 after purchasing an additional 42,787 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. bought a new stake in Costamare during the second quarter valued at about $1,032,000. 26.38% of the stock is currently owned by institutional investors.
Costamare Inc (Costamare) is a holding company. The Company is an international owner of containerships. The Company is engaged in chartering its vessels to various liner companies. The Company provides marine transportation services around the world by chartering its container vessels to liner operators under long, medium and short-term time charters.
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