Short Interest in Costamare Inc (CMRE) Grows By 58.2%
Costamare Inc (NYSE:CMRE) was the recipient of a large increase in short interest in April. As of April 28th, there was short interest totalling 1,248,977 shares, an increase of 58.2% from the April 13th total of 789,459 shares. Based on an average trading volume of 826,338 shares, the short-interest ratio is currently 1.5 days. Approximately 3.7% of the company’s stock are sold short.
Shares of Costamare (NYSE:CMRE) opened at 7.56 on Tuesday. Costamare has a 1-year low of $5.07 and a 1-year high of $10.45. The stock has a market capitalization of $688.23 million, a P/E ratio of 12.60 and a beta of 1.96. The stock’s 50 day moving average price is $6.91 and its 200-day moving average price is $6.35.
Costamare (NYSE:CMRE) last released its earnings results on Thursday, April 27th. The shipping company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. Costamare had a return on equity of 12.74% and a net margin of 17.45%. The business had revenue of $105.52 million for the quarter, compared to analyst estimates of $103.41 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. Costamare’s revenue was down 12.3% on a year-over-year basis. Equities research analysts anticipate that Costamare will post $0.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 8th. Investors of record on Friday, April 21st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 19th. This represents a $0.40 annualized dividend and a yield of 5.29%. Costamare’s payout ratio is presently 48.78%.
A number of hedge funds have recently added to or reduced their stakes in CMRE. Acrospire Investment Management LLC raised its stake in Costamare by 40.6% in the third quarter. Acrospire Investment Management LLC now owns 15,444 shares of the shipping company’s stock valued at $141,000 after buying an additional 4,460 shares during the last quarter. American International Group Inc. raised its stake in Costamare by 7.9% in the first 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. Sei Investments Co. acquired a new stake in Costamare during the first quarter valued at about $137,000. Fox Run Management L.L.C. acquired a new stake in Costamare during the first quarter valued at about $139,000. Finally, Federated Investors Inc. PA raised its stake in Costamare by 9.5% in the fourth quarter. Federated Investors Inc. PA now owns 21,531 shares of the shipping company’s stock valued at $121,000 after buying an additional 1,862 shares in the last quarter. Institutional investors and hedge funds own 12.30% of the company’s stock.
Several equities research analysts recently issued reports on the company. Zacks Investment Research downgraded Costamare from a “hold” rating to a “sell” rating in a research note on Tuesday, January 31st. Stifel Nicolaus raised Costamare from a “sell” rating to a “hold” rating and set a $5.50 price objective for the company in a research note on Monday, February 13th. They noted that the move was a valuation call. TheStreet downgraded Costamare from a “c” rating to a “d+” rating in a research note on Friday, January 27th. Finally, Credit Suisse Group AG raised Costamare from an “underperform” rating to a “neutral” rating and set a $8.00 price objective for the company in a research note on Monday, May 1st. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Costamare has a consensus rating of “Hold” and a consensus target price of $8.92.
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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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