Costamare Inc. (CMRE) Upgraded by ValuEngine to Buy
ValuEngine upgraded shares of Costamare Inc. (NYSE:CMRE) from a hold rating to a buy rating in a research report report published on Monday morning.
CMRE has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Costamare from a sell rating to a hold rating in a research note on Tuesday, September 5th. Stifel Nicolaus restated a hold rating and issued a $7.00 price objective on shares of Costamare in a report on Friday, July 14th. Finally, BidaskClub cut Costamare from a buy rating to a hold rating in a report on Wednesday, July 19th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Costamare presently has a consensus rating of Buy and an average price target of $8.28.
Shares of Costamare (CMRE) opened at 6.27 on Monday. The firm has a 50 day moving average price of $6.19 and a 200-day moving average price of $6.71. The firm has a market cap of $664.56 million, a PE ratio of 15.64 and a beta of 2.17. Costamare has a 12 month low of $5.07 and a 12 month high of $8.44.
Costamare (NYSE:CMRE) last released its earnings results on Tuesday, July 25th. The shipping company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $104.10 million during the quarter, compared to the consensus estimate of $104.23 million. Costamare had a net margin of 12.70% and a return on equity of 8.94%. The firm’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. On average, analysts predict that Costamare will post $0.82 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Monday, October 23rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 6.38%. The ex-dividend date is Friday, October 20th. Costamare’s dividend payout ratio is currently 105.27%.
Several institutional investors have recently added to or reduced their stakes in CMRE. JPMorgan Chase & Co. raised its holdings in shares of Costamare by 15,719.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,601,704 shares of the shipping company’s stock valued at $19,019,000 after purchasing an additional 2,585,258 shares during the period. Morgan Stanley lifted its stake in Costamare by 13.8% in the 1st quarter. Morgan Stanley now owns 1,956,634 shares of the shipping company’s stock valued at $13,032,000 after purchasing an additional 236,786 shares during the last quarter. Global X Management Co. LLC lifted its stake in Costamare by 4.8% in the 2nd quarter. Global X Management Co. LLC now owns 1,491,375 shares of the shipping company’s stock valued at $10,902,000 after purchasing an additional 67,642 shares during the last quarter. Q Global Advisors LLC acquired a new stake in Costamare in the 2nd quarter valued at about $7,227,000. Finally, Chiron Investment Management LLC acquired a new stake in Costamare in the 2nd quarter valued at about $6,850,000. Institutional investors own 26.95% of the company’s stock.
Costamare Inc (Costamare) is a holding company. The Company is an international owner of containerships. The Company is engaged in chartering its vessels to various liner companies. The Company provides marine transportation services around the world by chartering its container vessels to liner operators under long, medium and short-term time charters.
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