Costamare Inc. (CMRE) Upgraded to “Hold” by Zacks Investment Research
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. “
Several other research firms have also recently weighed in on CMRE. Clarkson Capital cut Costamare from a buy rating to a neutral rating in a report on Friday, June 17th. Morgan Stanley cut Costamare from an overweight rating to an equal weight rating and cut their target price for the company from $12.00 to $7.50 in a research note on Thursday, June 30th. Vetr cut Costamare from a strong-buy rating to a buy rating and set a $11.32 target price on the stock. in a research note on Thursday, June 9th. Credit Suisse Group AG set a $9.00 target price on Costamare and gave the company a hold rating in a research note on Thursday, July 28th. Finally, JPMorgan Chase & Co. upgraded Costamare from an underweight rating to a neutral rating and set a $12.00 target price on the stock in a research note on Monday, August 1st. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $10.14.
Shares of Costamare (NYSE:CMRE) opened at 9.05 on Monday. The firm has a market cap of $685.06 million, a P/E ratio of 5.49 and a beta of 1.66. Costamare has a 52 week low of $6.01 and a 52 week high of $15.10. The stock has a 50 day moving average of $9.04 and a 200 day moving average of $9.19.
Costamare (NYSE:CMRE) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ 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 analysts’ expectations of $119.37 million. During the same quarter in the previous year, the business posted $0.46 EPS. Costamare’s revenue for the quarter was down 4.9% on a year-over-year basis. Equities analysts forecast that Costamare will post $1.57 earnings per share for the current year.
Several large investors have recently made changes to their positions in CMRE. Janney Montgomery Scott LLC acquired a new position in Costamare during the second quarter worth $253,000. Bogle Investment Management L P DE raised its position in Costamare by 5.0% in the first quarter. Bogle Investment Management L P DE now owns 190,385 shares of the company’s stock worth $1,694,000 after buying an additional 9,076 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Costamare by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 120,069 shares of the company’s stock worth $1,069,000 after buying an additional 546 shares during the last quarter. Global X Management Co. LLC raised its position 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 worth $7,679,000 after buying an additional 46,890 shares during the last quarter. Finally, Barnett & Company Inc. raised its position in Costamare by 0.9% in the second quarter. Barnett & Company Inc. now owns 33,750 shares of the company’s stock worth $259,000 after buying an additional 300 shares during the last quarter. Institutional investors own 15.13% of the company’s stock.
Costamare Company Profile
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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