Costamare Inc. (CMRE) Downgraded to “Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of Costamare Inc. (NYSE:CMRE) from a buy rating to a sell rating in a research report report published 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. “
Other equities analysts also recently issued research reports about the stock. ValuEngine raised shares of Costamare from a hold rating to a buy rating in a report on Monday. Stifel Nicolaus reiterated a hold rating and issued a $7.00 price target on shares of Costamare in a research report on Friday, July 14th. Finally, BidaskClub cut shares of Costamare from a buy rating to a hold rating in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $8.04.
Costamare (NYSE CMRE) traded down 1.76% during mid-day trading on Tuesday, reaching $6.13. 377,838 shares of the company’s stock traded hands. Costamare has a 12-month low of $5.07 and a 12-month high of $8.18. The stock has a 50 day moving average of $6.18 and a 200 day moving average of $6.70. The company has a market cap of $649.72 million, a P/E ratio of 15.29 and a beta of 2.17.
Costamare (NYSE:CMRE) last announced its quarterly earnings data on Tuesday, July 25th. The shipping company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.01. The company had revenue of $104.10 million during the quarter, compared to the consensus estimate of $104.23 million. Costamare had a return on equity of 8.94% and a net margin of 12.70%. The firm’s revenue was down 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. On average, equities research analysts predict that Costamare will post $0.81 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Monday, October 23rd will be issued a $0.10 dividend. The ex-dividend date is Friday, October 20th. This represents a $0.40 dividend on an annualized basis and a yield of 6.41%. Costamare’s dividend payout ratio is presently 105.27%.
A number of institutional investors and hedge funds have recently made changes to their positions in CMRE. American International Group Inc. grew its holdings in Costamare by 7.9% during the 1st quarter. American International Group Inc. now owns 16,419 shares of the shipping company’s stock valued at $109,000 after buying an additional 1,202 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Costamare by 4.0% during the first quarter. Nationwide Fund Advisors now owns 84,031 shares of the shipping company’s stock valued at $560,000 after buying an additional 3,211 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Costamare by 8.4% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 45,100 shares of the shipping company’s stock worth $330,000 after buying an additional 3,500 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of Costamare by 14.1% in the first quarter. HighTower Advisors LLC now owns 31,686 shares of the shipping company’s stock worth $211,000 after buying an additional 3,910 shares in the last quarter. Finally, Brandes Investment Partners LP lifted its holdings in shares of Costamare by 18.2% in the second quarter. Brandes Investment Partners LP now owns 26,033 shares of the shipping company’s stock worth $190,000 after buying an additional 4,000 shares in the last quarter. 26.95% of the stock is owned by institutional investors and hedge funds.
Costamare Company Profile
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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