Zacks: Analysts Anticipate Costamare Inc (CMRE) Will Announce Quarterly Sales of $102.00 Million

Wall Street brokerages expect Costamare Inc (NYSE:CMRE) to announce sales of $102.00 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Costamare’s earnings, with the highest sales estimate coming in at $119.60 million and the lowest estimate coming in at $92.80 million. Costamare reported sales of $105.52 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 3.3%. The firm is expected to report its next earnings report on Thursday, April 26th.

According to Zacks, analysts expect that Costamare will report full-year sales of $102.00 million for the current fiscal year, with estimates ranging from $353.48 million to $468.90 million. For the next fiscal year, analysts forecast that the firm will report sales of $396.16 million per share, with estimates ranging from $359.48 million to $438.60 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Costamare.

Costamare (NYSE:CMRE) last issued its quarterly earnings results on Tuesday, January 23rd. The shipping company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $99.20 million during the quarter, compared to analyst estimates of $97.52 million. Costamare had a net margin of 17.67% and a return on equity of 7.28%. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.28 EPS.

A number of analysts have recently weighed in on the stock. ValuEngine lowered shares of Costamare from a “strong-buy” rating to a “buy” rating in a research note on Friday. Zacks Investment Research raised shares of Costamare from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub lowered shares of Costamare from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Finally, Credit Suisse Group set a $7.00 price target on shares of Costamare and gave the stock a “hold” rating in a research note on Wednesday, October 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Costamare currently has a consensus rating of “Hold” and a consensus price target of $7.00.

Hedge funds have recently added to or reduced their stakes in the stock. Voya Investment Management LLC acquired a new stake in Costamare during the second quarter valued at approximately $105,000. FNY Partners Fund LP acquired a new stake in Costamare during the third quarter valued at approximately $106,000. Highbridge Capital Management LLC acquired a new stake in Costamare during the third quarter valued at approximately $124,000. Royal Bank of Canada lifted its stake in Costamare by 31.4% during the second quarter. Royal Bank of Canada now owns 21,265 shares of the shipping company’s stock valued at $155,000 after purchasing an additional 5,081 shares during the last quarter. Finally, Commerce Bank acquired a new stake in Costamare during the third quarter valued at approximately $155,000. 25.34% of the stock is owned by institutional investors and hedge funds.

Shares of Costamare (CMRE) opened at $6.61 on Friday. The firm has a market cap of $705.50 and a P/E ratio of 8.47. Costamare has a one year low of $5.15 and a one year high of $8.18. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 0.81.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 6th. Investors of record on Tuesday, January 23rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 6.05%. The ex-dividend date is Monday, January 22nd. Costamare’s dividend payout ratio is presently 74.07%.

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About Costamare

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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