BidaskClub Lowers Costamare Inc. (NYSE:CMRE) to Sell
BidaskClub downgraded shares of Costamare Inc. (NYSE:CMRE) from a hold rating to a sell rating in a report issued on Friday morning.
CMRE has been the topic of a number of other research reports. ValuEngine cut Costamare from a buy rating to a hold rating in a research note on Friday, June 2nd. Zacks Investment Research raised Costamare from a sell rating to a hold rating in a research note on Thursday, April 27th. Credit Suisse Group raised Costamare from an underperform rating to a neutral rating and set a $8.00 price target on the stock in a research note on Monday, May 1st. TheStreet raised Costamare from a d+ rating to a c rating in a research note on Friday, April 28th. Finally, Stifel Nicolaus set a $7.00 price target on Costamare and gave the stock a hold rating in a research note on Sunday, May 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Costamare has an average rating of Hold and an average price target of $8.50.
Shares of Costamare (NYSE:CMRE) opened at 6.43 on Friday. The company has a 50-day moving average of $6.88 and a 200-day moving average of $6.62. The firm has a market capitalization of $621.36 million, a PE ratio of 16.03 and a beta of 2.23. Costamare has a 52 week low of $5.07 and a 52 week high of $9.70.
Costamare (NYSE:CMRE) last issued its quarterly earnings results on Tuesday, July 25th. The shipping company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The firm had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $104.23 million. Costamare had a return on equity of 8.94% and a net margin of 12.70%. Costamare’s revenue was down 12.5% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. On average, equities analysts forecast that Costamare will post $0.80 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 24th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, July 20th. This represents a $0.40 annualized dividend and a yield of 6.22%. Costamare’s dividend payout ratio (DPR) is presently 105.27%.
A number of institutional investors have recently added to or reduced their stakes in CMRE. Morgan Stanley boosted its position in Costamare by 13.8% in the first quarter. Morgan Stanley now owns 1,956,634 shares of the shipping company’s stock valued at $13,032,000 after buying an additional 236,786 shares during the period. Global X Management Co. LLC acquired a new position in Costamare during the first quarter valued at $9,482,000. Parametric Portfolio Associates LLC boosted its position in Costamare by 16.3% in the first quarter. Parametric Portfolio Associates LLC now owns 808,691 shares of the shipping company’s stock valued at $5,386,000 after buying an additional 113,445 shares during the period. Acadian Asset Management LLC boosted its position in Costamare by 125.2% in the second quarter. Acadian Asset Management LLC now owns 685,085 shares of the shipping company’s stock valued at $5,009,000 after buying an additional 380,884 shares during the period. Finally, Signia Capital Management LLC acquired a new position in Costamare during the first quarter valued at $3,421,000. 19.04% of the stock is currently owned by institutional investors.
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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