Costamare Inc. (NYSE:CMRE) Releases Earnings Results, Beats Estimates By $0.01 EPS
Costamare Inc. (NYSE:CMRE) released its earnings results on Tuesday. The shipping company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01, Briefing.com reports. The firm had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $104.23 million. Costamare had a return on equity of 10.50% and a net margin of 15.38%. The company’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 earnings per share.
Shares of Costamare (NYSE:CMRE) traded down 6.1594% during mid-day trading on Wednesday, hitting $6.4187. The company had a trading volume of 759,749 shares. The firm has a 50-day moving average price of $6.90 and a 200 day moving average price of $6.61. The firm has a market capitalization of $587.88 million, a price-to-earnings ratio of 10.6978 and a beta of 2.24. Costamare has a 52-week low of $5.07 and a 52-week high of $10.45.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 7th. Investors of record on Monday, July 24th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.85%. Costamare’s payout ratio is 64.52%.
Several institutional investors have recently bought and sold shares of CMRE. American International Group Inc. increased its position 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 during the period. Federated Investors Inc. PA boosted 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 during the period. Nationwide Fund Advisors boosted its stake in Costamare by 4.0% in the first quarter. Nationwide Fund Advisors now owns 84,031 shares of the shipping company’s stock valued at $560,000 after buying an additional 3,211 shares during the period. State Street Corp boosted its stake in Costamare by 0.8% in the fourth quarter. State Street Corp now owns 431,593 shares of the shipping company’s stock valued at $2,417,000 after buying an additional 3,614 shares during the period. Finally, Teachers Advisors LLC boosted its stake in Costamare by 1.4% in the fourth quarter. Teachers Advisors LLC now owns 285,279 shares of the shipping company’s stock valued at $1,598,000 after buying an additional 3,875 shares during the period. Institutional investors and hedge funds own 18.49% of the company’s stock.
A number of research analysts have recently commented on the company. ValuEngine cut Costamare from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded Costamare from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Credit Suisse Group upgraded Costamare from an “underperform” rating to a “neutral” rating and set a $8.00 price target for the company in a report on Monday, May 1st. BidaskClub lowered Costamare from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, TheStreet upgraded Costamare from a “d+” rating to a “c” rating in a report on Friday, April 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $8.50.
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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