Costamare Inc. (CMRE) Rating Increased to Hold at Zacks Investment Research
Costamare Inc. (NYSE:CMRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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. “
A number of other brokerages have also recently weighed in on CMRE. JPMorgan Chase & Co. upgraded shares of Costamare from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a report on Monday, August 1st. Barclays PLC cut their price objective on shares of Costamare from $11.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, October 3rd. Finally, Stifel Nicolaus cut shares of Costamare from a “hold” rating to a “sell” rating and cut their price objective for the stock from $10.00 to $5.00 in a report on Tuesday, October 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.55.
Shares of Costamare (NYSE:CMRE) opened at 5.76 on Tuesday. The stock’s 50 day moving average is $7.02 and its 200 day moving average is $8.52. The stock has a market cap of $446.15 million, a price-to-earnings ratio of 3.96 and a beta of 2.04. Costamare has a 52 week low of $5.60 and a 52 week high of $11.92.
Costamare (NYSE:CMRE) last announced its quarterly earnings results on Monday, October 24th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. Costamare had a net margin of 27.28% and a return on equity of 14.63%. The company had revenue of $115.50 million for the quarter, compared to analysts’ expectations of $114.20 million. During the same quarter in the previous year, the company earned $0.46 earnings per share. Costamare’s quarterly revenue was down 7.4% on a year-over-year basis. On average, equities analysts forecast that Costamare will post $1.56 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 4th. Stockholders of record on Friday, October 21st were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, October 19th. This represents a $0.40 annualized dividend and a dividend yield of 6.94%. Costamare’s dividend payout ratio is presently 27.40%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Nationwide Fund Advisors purchased a new position in shares of Costamare during the second quarter valued at about $127,000. Global X Management Co. LLC increased its position in shares of 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 period. JPMorgan Chase & Co. increased its position in shares of Costamare by 18.1% in the second quarter. JPMorgan Chase & Co. now owns 143,122 shares of the company’s stock worth $1,098,000 after buying an additional 21,965 shares during the period. Barnett & Company Inc. increased its position in shares of 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 period. Finally, Janney Montgomery Scott LLC bought a new position in shares of Costamare during the second quarter worth $253,000. Hedge funds and other institutional investors own 14.86% 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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