Zacks Investment Research Downgrades Costamare Inc. (CMRE) to Sell
Costamare Inc. (NYSE:CMRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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 equities analysts have also weighed in on CMRE. Morgan Stanley lowered Costamare from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $12.00 to $7.50 in a research report on Thursday, June 30th. Credit Suisse Group AG set a $9.00 target price on Costamare and gave the stock a “hold” rating in a research report on Thursday, July 28th. JPMorgan Chase & Co. raised Costamare from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research report on Monday, August 1st. Barclays PLC lowered their price target on Costamare from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, October 3rd. Finally, Stifel Nicolaus lowered Costamare from a “hold” rating to a “sell” rating and lowered their price target for the company from $10.00 to $5.00 in a research report on Tuesday, October 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $9.55.
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Costamare (NYSE:CMRE) traded up 0.14% during trading on Tuesday, reaching $7.40. 260,514 shares of the company’s stock were exchanged. The firm has a market cap of $560.16 million, a price-to-earnings ratio of 4.49 and a beta of 1.66. The firm’s 50-day moving average price is $8.58 and its 200-day moving average price is $9.08. Costamare has a 12 month low of $6.01 and a 12 month high of $15.10.
Costamare (NYSE:CMRE) last issued its earnings results on Wednesday, July 27th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Costamare had a return on equity of 15.03% and a net margin of 29.87%. The company had revenue of $117.90 million for the quarter, compared to analyst estimates of $119.37 million. During the same period in the prior year, the firm earned $0.46 earnings per share. Costamare’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Costamare will post $1.54 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 4th. Shareholders 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 dividend on an annualized basis and a yield of 5.41%. Costamare’s dividend payout ratio (DPR) is presently 70.30%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. acquired a new position in shares of Costamare during the second quarter worth about $103,000. American International Group Inc. acquired a new position in shares of Costamare during the second quarter worth about $117,000. Nationwide Fund Advisors acquired a new position in shares of Costamare during the second quarter worth about $127,000. Nuveen Fund Advisors LLC acquired a new position in shares of Costamare during the second quarter worth about $143,000. Finally, Quantitative Systematic Strategies LLC increased its position 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. Hedge funds and other institutional investors own 15.11% of the company’s stock.
Costamare Company Profile
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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