Costamare Inc. (CMRE) Rating Lowered to Sell at Zacks Investment Research
Costamare Inc. (NYSE:CMRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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 research reports. JPMorgan Chase & Co. upgraded Costamare from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a research report on Monday, August 1st. Credit Suisse Group AG set a $9.00 price target on Costamare and gave the company a “hold” rating in a research report on Thursday, July 28th. Vetr downgraded Costamare from a “strong-buy” rating to a “buy” rating and set a $11.32 price target on the stock. in a research report on Thursday, June 9th. Morgan Stanley downgraded Costamare from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $12.00 to $7.50 in a research report on Thursday, June 30th. Finally, Clarkson Capital cut Costamare from a “buy” rating to a “neutral” rating in a research note on Friday, June 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Costamare presently has an average rating of “Hold” and an average price target of $10.30.
Costamare (NYSE:CMRE) opened at 9.17 on Tuesday. Costamare has a 1-year low of $6.01 and a 1-year high of $15.10. The firm has a market capitalization of $694.14 million, a P/E ratio of 5.56 and a beta of 1.77. The company’s 50-day moving average price is $9.04 and its 200-day moving average price is $9.19.
Costamare (NYSE:CMRE) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. Costamare had a return on equity of 15.03% and a net margin of 29.87%. The business had revenue of $117.90 million for the quarter, compared to the consensus estimate of $119.37 million. During the same quarter last year, the business posted $0.46 earnings per share. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. Equities research analysts expect that Costamare will post $1.57 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Global X Management Co. LLC boosted its stake in Costamare by 4.9% in the second quarter. Global X Management Co. LLC now owns 1,001,166 shares of the company’s stock valued at $7,679,000 after buying an additional 46,890 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Costamare by 8.7% in the second quarter. Parametric Portfolio Associates LLC now owns 720,232 shares of the company’s stock valued at $5,524,000 after buying an additional 57,570 shares during the last quarter. BlackRock Fund Advisors acquired a new stake in Costamare during the second quarter valued at about $4,719,000. State Street Corp boosted its stake in Costamare by 1,071.2% in the second quarter. State Street Corp now owns 357,156 shares of the company’s stock valued at $2,736,000 after buying an additional 326,660 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Costamare by 150.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 300,677 shares of the company’s stock valued at $2,306,000 after buying an additional 180,608 shares during the last quarter. 15.13% of the stock is currently owned by institutional investors.
Costamare Inc (Costamare) is an international owner of containerships. The Company provides marine transportation services by chartering its container vessels to liner operators under long, medium and short-term time charters. The Company has a fleet of approximately 70 containerships with a total capacity of over 467,000 20-foot equivalent unit (TEU), including approximately 10 newbuilds on order.
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