Costamare Inc. (CMRE) Stock Rating Lowered by Zacks Investment Research
Costamare Inc. (NYSE:CMRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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 research analysts also recently issued reports on CMRE. Barclays PLC dropped their price target on shares of Costamare from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, October 3rd. Morgan Stanley downgraded shares of Costamare from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $12.00 to $7.50 in a research report on Thursday, June 30th. Stifel Nicolaus downgraded shares of Costamare from a “hold” rating to a “sell” rating and dropped their price target for the stock from $10.00 to $5.00 in a research report on Tuesday, October 4th. JPMorgan Chase & Co. upgraded shares of Costamare from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $12.00 to $13.00 in a research note on Wednesday, October 5th. Finally, Credit Suisse Group AG set a $9.00 price objective on shares of Costamare and gave the company a “hold” rating in a research note on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.55.
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Shares of Costamare (NYSE:CMRE) traded up 0.14% during mid-day trading on Tuesday, reaching $7.40. 260,514 shares of the company’s stock were exchanged. The company has a market cap of $560.16 million, a PE ratio of 4.49 and a beta of 1.66. The company’s 50-day moving average price is $8.58 and its 200 day moving average price is $9.08. Costamare has a 52-week low of $6.01 and a 52-week high of $15.10.
Costamare (NYSE:CMRE) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. The firm had revenue of $117.90 million for the quarter, compared to the consensus estimate of $119.37 million. Costamare had a net margin of 29.87% and a return on equity of 15.03%. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.46 EPS. On average, equities research analysts predict that Costamare will post $1.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 4th. Stockholders of record on Friday, October 21st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 19th. This represents a $0.40 annualized dividend and a dividend yield of 5.41%. Costamare’s dividend payout ratio is currently 70.30%.
Several hedge funds have recently added to or reduced their stakes in CMRE. Alliancebernstein L.P. acquired a new stake in shares of Costamare during the second quarter worth approximately $103,000. American International Group Inc. acquired a new stake in shares of Costamare during the second quarter worth approximately $117,000. Nationwide Fund Advisors acquired a new stake in shares of Costamare during the second quarter worth approximately $127,000. Quantitative Systematic Strategies LLC raised its stake in shares of Costamare by 60.0% in the second quarter. Quantitative Systematic Strategies LLC now owns 17,563 shares of the company’s stock worth $156,000 after buying an additional 6,584 shares during the period. Finally, Nuveen Fund Advisors LLC acquired a new stake in shares of Costamare during the second quarter worth approximately $143,000. Institutional investors own 15.11% 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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