Costamare Inc. (NYSE:CMRE) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of Costamare Inc. (NYSE:CMRE) have received an average recommendation of “Hold” from the eight analysts that are covering the stock. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $9.96.
A number of brokerages recently weighed in on CMRE. Stifel Nicolaus cut shares of Costamare from a “hold” rating to a “sell” rating in a research note on Tuesday. Barclays PLC cut their price objective on shares of Costamare from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday. Zacks Investment Research upgraded shares of Costamare from a “sell” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. upgraded shares of Costamare from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a research report on Monday, August 1st. Finally, Credit Suisse Group AG set a $9.00 price objective on shares of Costamare and gave the stock a “hold” rating in a research report on Thursday, July 28th.
Costamare (NYSE:CMRE) traded down 19.01% during trading on Tuesday, reaching $7.33. 1,523,680 shares of the company were exchanged. Costamare has a 12 month low of $6.01 and a 12 month high of $15.10. The firm has a market capitalization of $554.86 million, a PE ratio of 4.45 and a beta of 1.66. The stock has a 50 day moving average price of $9.04 and a 200 day moving average price of $9.19.
Costamare (NYSE:CMRE) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. The firm earned $117.90 million during the quarter, compared to analysts’ expectations of $119.37 million. Costamare had a net margin of 29.87% and a return on equity of 15.03%. Costamare’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. On average, analysts expect that Costamare will post $1.57 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. bought a new position in shares of Costamare during the second quarter worth about $309,000. First Foundation Advisors bought a new position in shares of Costamare during the second quarter worth about $192,000. Parametric Portfolio Associates LLC increased its position in shares of Costamare by 8.7% in the second quarter. Parametric Portfolio Associates LLC now owns 720,232 shares of the company’s stock worth $5,524,000 after buying an additional 57,570 shares in the last quarter. KCG Holdings Inc. bought a new position in shares of Costamare during the second quarter worth about $196,000. Finally, State Street Corp increased its position in shares of Costamare by 1,071.2% in the second quarter. State Street Corp now owns 357,156 shares of the company’s stock worth $2,736,000 after buying an additional 326,660 shares in the last quarter. Institutional investors own 15.13% of the company’s stock.
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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