StockNews.com Upgrades Costamare (NYSE:CMRE) to “Buy”

Costamare (NYSE:CMRE) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Costamare Price Performance

NYSE CMRE opened at $11.02 on Thursday. The company has a 50-day moving average price of $11.22 and a 200-day moving average price of $10.35. The firm has a market capitalization of $1.30 billion, a P/E ratio of 3.74 and a beta of 1.38. Costamare has a 52 week low of $7.71 and a 52 week high of $11.85. The company has a quick ratio of 1.59, a current ratio of 1.69 and a debt-to-equity ratio of 0.83.

Costamare (NYSE:CMRE) last issued its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.06. The company had revenue of $494.85 million during the quarter, compared to the consensus estimate of $419.00 million. Costamare had a return on equity of 11.37% and a net margin of 25.26%. During the same period last year, the company earned $0.61 earnings per share. Equities research analysts anticipate that Costamare will post 2.73 earnings per share for the current year.

Institutional Investors Weigh In On Costamare

A number of institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of Costamare by 22.3% in the first quarter. JPMorgan Chase & Co. now owns 476,629 shares of the shipping company’s stock valued at $7,872,000 after buying an additional 86,941 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Costamare by 18.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,904 shares of the shipping company’s stock worth $203,000 after purchasing an additional 1,883 shares in the last quarter. HighTower Advisors LLC purchased a new stake in shares of Costamare during the first quarter worth approximately $712,000. Dimensional Fund Advisors LP increased its position in shares of Costamare by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 5,907,931 shares of the shipping company’s stock worth $100,733,000 after purchasing an additional 162,918 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Costamare by 58.1% during the first quarter. Sei Investments Co. now owns 54,083 shares of the shipping company’s stock worth $923,000 after purchasing an additional 19,869 shares in the last quarter. Institutional investors and hedge funds own 58.08% of the company’s stock.

Costamare Company Profile

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.