Costamare Inc. (CMRE) Raised to “Hold” at Zacks Investment Research
Costamare Inc. (NYSE:CMRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
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 analysts have also weighed in on CMRE. Stifel Nicolaus restated a “hold” rating and set a $7.00 target price on shares of Costamare in a research note on Thursday. BidaskClub lowered shares of Costamare from a “hold” rating to a “sell” rating in a research note on Saturday, October 7th. Finally, ValuEngine upgraded shares of Costamare from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $7.21.
Costamare (NYSE CMRE) traded up 2.11% on Thursday, reaching $6.28. 964,155 shares of the company’s stock were exchanged. Costamare has a one year low of $5.07 and a one year high of $8.18. The stock has a market cap of $665.62 million, a price-to-earnings ratio of 15.66 and a beta of 2.17. The firm has a 50 day moving average of $6.16 and a 200-day moving average of $6.69.
Costamare (NYSE:CMRE) last issued its quarterly earnings results on Tuesday, July 25th. The shipping company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The business had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $104.23 million. Costamare had a net margin of 12.70% and a return on equity of 8.94%. The business’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 earnings per share. Equities research analysts forecast that Costamare will post $0.80 EPS for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in Costamare in the second quarter valued at approximately $467,000. Koch Industries Inc. purchased a new position in Costamare in the second quarter valued at approximately $181,000. Verition Fund Management LLC purchased a new position in Costamare in the second quarter valued at approximately $225,000. Chiron Investment Management LLC purchased a new position in Costamare in the second quarter valued at approximately $6,850,000. Finally, California State Teachers Retirement System increased its stake in Costamare by 7.1% in the second quarter. California State Teachers Retirement System now owns 64,793 shares of the shipping company’s stock valued at $474,000 after purchasing an additional 4,300 shares during the last quarter. Hedge funds and other institutional investors own 26.95% of the company’s stock.
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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