Investors Purchase High Volume of Costamare Call Options (CMRE)

Costamare Inc (NYSE:CMRE) was the recipient of unusually large options trading on Wednesday. Stock investors bought 758 call options on the stock. This is an increase of 1,103% compared to the typical volume of 63 call options.

Large investors have recently made changes to their positions in the company. Voya Investment Management LLC bought a new position in Costamare in the second quarter valued at about $105,000. FNY Partners Fund LP bought a new position in Costamare in the third quarter valued at about $106,000. Highbridge Capital Management LLC bought a new position in Costamare in the third quarter valued at about $124,000. Penn Capital Management Co. Inc. bought a new position in Costamare in the second quarter valued at about $125,000. Finally, Royal Bank of Canada boosted its holdings in Costamare by 31.4% in the second quarter. Royal Bank of Canada now owns 21,265 shares of the shipping company’s stock valued at $155,000 after acquiring an additional 5,081 shares during the last quarter. Institutional investors own 25.62% of the company’s stock.

Several brokerages recently commented on CMRE. Stifel Nicolaus reaffirmed a “hold” rating and issued a $7.00 target price on shares of Costamare in a research report on Thursday, October 12th. Zacks Investment Research cut Costamare from a “buy” rating to a “hold” rating in a research report on Tuesday. Credit Suisse Group set a $7.00 price objective on Costamare and gave the stock a “hold” rating in a research note on Wednesday, October 25th. ValuEngine upgraded Costamare from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, BidaskClub lowered Costamare from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $7.00.

Shares of Costamare (NYSE:CMRE) opened at $6.14 on Friday. Costamare has a 12 month low of $5.07 and a 12 month high of $8.18. The firm has a market capitalization of $660.41, a price-to-earnings ratio of 17.06, a PEG ratio of 1.66 and a beta of 2.10. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 0.87.

Costamare (NYSE:CMRE) last announced its earnings results on Tuesday, October 24th. The shipping company reported $0.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.01. Costamare had a return on equity of 7.57% and a net margin of 14.03%. The company had revenue of $98.40 million during the quarter, compared to analyst estimates of $100.24 million. During the same period last year, the company posted $0.37 earnings per share. The firm’s quarterly revenue was down 14.7% compared to the same quarter last year. sell-side analysts predict that Costamare will post 0.76 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 6th. Stockholders of record on Tuesday, January 23rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, January 22nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 6.51%. Costamare’s dividend payout ratio (DPR) is presently 111.11%.

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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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