Costamare (NYSE:CMRE) Lowered to Hold at StockNews.com

Costamare (NYSE:CMRE) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Separately, Stifel Nicolaus increased their price objective on shares of Costamare from $11.50 to $12.00 and gave the company a “hold” rating in a report on Friday, April 19th.

Costamare Price Performance

Shares of CMRE traded down $0.17 during mid-day trading on Wednesday, hitting $11.36. 403,329 shares of the company were exchanged, compared to its average volume of 429,942. Costamare has a 1-year low of $7.71 and a 1-year high of $11.85. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.59 and a current ratio of 1.69. The company has a 50 day moving average of $11.24 and a 200-day moving average of $10.45. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 3.85 and a beta of 1.38.

Costamare (NYSE:CMRE) last released its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.06. Costamare had a net margin of 25.26% and a return on equity of 11.37%. The firm had revenue of $494.85 million during the quarter, compared to the consensus estimate of $419.00 million. During the same quarter in the prior year, the firm earned $0.61 EPS. Analysts expect that Costamare will post 2.75 EPS for the current fiscal year.

Institutional Trading of Costamare

A number of hedge funds and other institutional investors have recently made changes to their positions in CMRE. Parallel Advisors LLC boosted its position in shares of Costamare by 197.8% during the 4th quarter. Parallel Advisors LLC now owns 4,059 shares of the shipping company’s stock worth $42,000 after purchasing an additional 2,696 shares during the period. Quarry LP boosted its position in shares of Costamare by 48.5% during the 4th quarter. Quarry LP now owns 4,216 shares of the shipping company’s stock worth $44,000 after purchasing an additional 1,376 shares during the period. Ballentine Partners LLC purchased a new position in shares of Costamare during the 4th quarter worth approximately $114,000. Raymond James & Associates purchased a new position in shares of Costamare during the 4th quarter worth approximately $135,000. Finally, Victory Capital Management Inc. boosted its position in shares of Costamare by 12.7% during the 4th quarter. Victory Capital Management Inc. now owns 13,252 shares of the shipping company’s stock worth $138,000 after purchasing an additional 1,498 shares during the period. Institutional investors and hedge funds own 58.08% of the company’s stock.

About Costamare

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.