JPMorgan Chase & Co. Upgrades Costamare Inc. (CMRE) to “Overweight”
Costamare Inc. (NYSE:CMRE) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday. The brokerage presently has a $13.00 price target on the stock, up from their previous price target of $12.00. JPMorgan Chase & Co.’s target price suggests a potential upside of 77.60% from the stock’s current price.
The analysts wrote, “The company also announced it refinanced $360 million of bullet payments that were due in Q2 and Q3/2018. While there are still two smaller bullet payments in 2018, the fact that these refinancing were down well ahead of the maturities gives us confidence that the remaining refinancing should be relatively routine.”
Several other research analysts have also weighed in on CMRE. Vetr lowered Costamare from a “strong-buy” rating to a “buy” rating and set a $11.32 target price on the stock. in a report on Thursday, June 9th. Zacks Investment Research upgraded Costamare from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Wednesday, June 22nd. Clarkson Capital lowered Costamare from a “buy” rating to a “neutral” rating in a report on Friday, June 17th. Morgan Stanley lowered Costamare from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $12.00 to $7.50 in a report on Thursday, June 30th. Finally, Credit Suisse Group AG set a $9.00 target price on Costamare and gave the stock a “hold” rating in a report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $9.55.
Shares of Costamare (NYSE:CMRE) traded up 1.78% on Wednesday, hitting $7.45. The stock had a trading volume of 863,550 shares. The firm’s 50 day moving average is $8.98 and its 200-day moving average is $9.18. Costamare has a one year low of $6.01 and a one year high of $15.10. The stock has a market capitalization of $563.94 million, a PE ratio of 4.52 and a beta of 1.67.
Costamare (NYSE:CMRE) last posted its earnings results on Wednesday, July 27th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The firm had revenue of $117.90 million for the quarter, compared to analyst estimates of $119.37 million. Costamare had a return on equity of 15.03% and a net margin of 29.87%. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. Equities research analysts expect that Costamare will post $1.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 4th. Investors of record on Friday, October 21st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date is Wednesday, October 19th. Costamare’s dividend payout ratio is currently 70.30%.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. increased its stake 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 in the last quarter. JPMorgan Chase & Co. bought a new stake in Costamare during the first quarter worth about $1,078,000. Bogle Investment Management L P DE increased its stake 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 in the last quarter. Creative Planning increased its stake in Costamare by 1,572.9% in the second quarter. Creative Planning now owns 23,420 shares of the company’s stock worth $180,000 after buying an additional 22,020 shares in the last quarter. Finally, James Investment Research Inc. bought a new stake in Costamare during the second quarter worth about $1,378,000. 15.13% of the stock is currently owned by institutional investors and hedge funds.
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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