Costamare Inc. (CMRE) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Costamare Inc. (NYSE:CMRE) announced its earnings results on Tuesday. The shipping company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01, Briefing.com reports. The company had revenue of $98.40 million for the quarter, compared to analysts’ expectations of $100.24 million. Costamare had a return on equity of 8.94% and a net margin of 12.70%. The business’s revenue for the quarter was down 14.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.37 earnings per share.
Costamare (NYSE CMRE) traded down 0.66% during trading on Tuesday, reaching $6.00. The company had a trading volume of 600,906 shares. Costamare has a 12-month low of $5.07 and a 12-month high of $8.18. The firm has a market capitalization of $635.94 million, a PE ratio of 14.96 and a beta of 2.17. The firm’s 50 day moving average price is $6.11 and its 200 day moving average price is $6.68.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Monday, October 23rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 6.67%. The ex-dividend date is Friday, October 20th. Costamare’s dividend payout ratio is 105.27%.
An institutional investor recently raised its position in Costamare stock. Vanguard Group Inc. raised its stake in Costamare Inc. (NYSE:CMRE) by 19.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,736 shares of the shipping company’s stock after buying an additional 12,165 shares during the period. Vanguard Group Inc. owned about 0.08% of Costamare worth $539,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 26.36% of the company’s stock.
Several analysts have recently commented on the company. BidaskClub upgraded Costamare from a “sell” rating to a “hold” rating in a report on Friday. Zacks Investment Research upgraded Costamare from a “sell” rating to a “hold” rating in a report on Thursday, October 12th. Stifel Nicolaus restated a “hold” rating and set a $7.00 target price on shares of Costamare in a report on Thursday, October 12th. Finally, ValuEngine upgraded Costamare from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.21.
Costamare Company Profile
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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