Zacks Investment Research upgraded shares of Costamare Inc. (NYSE:CMRE) from a sell rating to a hold rating in a report published on Thursday.
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 equities research analysts have also recently issued reports on the company. BidaskClub upgraded Costamare from a hold rating to a buy rating in a research note on Thursday, July 6th. ValuEngine cut Costamare from a buy rating to a hold rating in a research report on Tuesday, July 25th. Finally, Stifel Nicolaus reiterated a hold rating and set a $7.00 price target on shares of Costamare in a research report on Friday, July 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $7.21.
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. Costamare had a return on equity of 8.94% and a net margin of 12.70%. The business had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $104.23 million. During the same period in the previous year, the business posted $0.44 EPS. The firm’s quarterly revenue was down 12.5% compared to the same quarter last year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Stockholders of record on Monday, October 23rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 6.58%. The ex-dividend date of this dividend is Friday, October 20th. Costamare’s dividend payout ratio is presently 105.27%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Costamare by 15,719.7% during the second quarter. JPMorgan Chase & Co. now owns 2,601,704 shares of the shipping company’s stock worth $19,019,000 after purchasing an additional 2,585,258 shares in the last quarter. Morgan Stanley grew its holdings in shares of Costamare by 13.8% during the first quarter. Morgan Stanley now owns 1,956,634 shares of the shipping company’s stock worth $13,032,000 after purchasing an additional 236,786 shares in the last quarter. Global X Management Co. LLC grew its holdings in shares of Costamare by 4.8% during the second quarter. Global X Management Co. LLC now owns 1,491,375 shares of the shipping company’s stock worth $10,902,000 after purchasing an additional 67,642 shares in the last quarter. Q Global Advisors LLC purchased a new position in shares of Costamare during the second quarter worth about $7,227,000. Finally, Chiron Investment Management LLC purchased a new position in shares of Costamare during the second quarter worth about $6,850,000. 26.95% of the stock is owned by institutional investors.
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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