Zacks Investment Research cut shares of Costamare (NYSE:CMRE) from a hold rating to a sell rating in a research report released on Friday, January 12th.
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 commented on CMRE. Credit Suisse Group set a $7.00 price target on Costamare and gave the company a hold rating in a research note on Wednesday, October 25th. Stifel Nicolaus reissued a hold rating and set a $7.00 target price on shares of Costamare in a research note on Thursday, October 12th. ValuEngine raised Costamare from a buy rating to a strong-buy rating in a research note on Friday, December 1st. Finally, BidaskClub raised Costamare from a sell rating to a hold rating in a research note on Thursday, September 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $7.00.
Shares of Costamare (CMRE) traded down $0.25 during trading hours on Friday, reaching $6.14. The company’s stock had a trading volume of 863,206 shares, compared to its average volume of 714,250. The company has a market cap of $674.32, a PE ratio of 11.58, a P/E/G ratio of 1.77 and a beta of 2.10. Costamare has a 12-month low of $5.15 and a 12-month high of $8.18. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.82 and a quick ratio of 0.78.
Costamare (NYSE:CMRE) last announced its quarterly earnings results on Tuesday, January 23rd. The shipping company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $99.20 million during the quarter, compared to analysts’ expectations of $97.52 million. Costamare had a return on equity of 7.28% and a net margin of 17.67%. Costamare’s revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.28 EPS. sell-side analysts expect that Costamare will post 0.72 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 6th. Shareholders of record on Tuesday, January 23rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 6.51%. The ex-dividend date of this dividend is Monday, January 22nd. Costamare’s dividend payout ratio (DPR) is currently 75.47%.
Large investors have recently added to or reduced their stakes in the business. Voya Investment Management LLC acquired a new position in Costamare during the 2nd quarter worth approximately $105,000. Penn Capital Management Co. Inc. acquired a new stake in shares of Costamare in the 2nd quarter valued at approximately $125,000. FNY Partners Fund LP acquired a new stake in shares of Costamare in the 3rd quarter valued at approximately $106,000. Highbridge Capital Management LLC acquired a new stake in shares of Costamare in the 3rd quarter valued at approximately $124,000. Finally, Royal Bank of Canada boosted its holdings in shares of Costamare by 31.4% in the 2nd quarter. Royal Bank of Canada now owns 21,265 shares of the shipping company’s stock valued at $155,000 after buying an additional 5,081 shares during the last quarter. 25.05% of the stock is owned by hedge funds and other institutional investors.
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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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