Brokerages Anticipate Costamare Inc. (CMRE) Will Post Quarterly Sales of $104.69 Million
Equities analysts forecast that Costamare Inc. (NYSE:CMRE) will announce $104.69 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Costamare’s earnings. The lowest sales estimate is $99.96 million and the highest is $112.90 million. Costamare reported sales of $118.26 million in the same quarter last year, which indicates a negative year over year growth rate of 11.5%. The company is scheduled to report its next quarterly earnings results on Monday, October 23rd.
On average, analysts expect that Costamare will report full-year sales of $104.69 million for the current financial year, with estimates ranging from $405.83 million to $423.30 million. For the next fiscal year, analysts forecast that the company will post sales of $388.83 million per share, with estimates ranging from $359.43 million to $430.80 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Costamare.
Costamare (NYSE:CMRE) last released its quarterly earnings data on Tuesday, July 25th. The shipping company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. The business 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%. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 EPS.
CMRE has been the subject of several analyst reports. Zacks Investment Research raised shares of Costamare from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research report on Tuesday, September 26th. ValuEngine downgraded shares of Costamare from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub upgraded shares of Costamare from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $7.00 price objective on shares of Costamare in a research note on Friday, July 14th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $8.28.
Shares of Costamare (NYSE:CMRE) traded up 1.46% during mid-day trading on Friday, reaching $6.27. The company’s stock had a trading volume of 560,643 shares. The firm has a market cap of $664.56 million, a PE ratio of 15.64 and a beta of 2.17. The firm’s 50 day moving average is $6.19 and its 200 day moving average is $6.71. Costamare has a one year low of $5.07 and a one year high of $8.44.
Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in Costamare by 15,719.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,601,704 shares of the shipping company’s stock worth $19,019,000 after purchasing an additional 2,585,258 shares in the last quarter. Global X Management Co. LLC purchased a new stake in Costamare during the 1st quarter worth approximately $9,482,000. Q Global Advisors LLC purchased a new stake in Costamare during the 2nd quarter worth approximately $7,227,000. Chiron Investment Management LLC purchased a new stake in Costamare during the 2nd quarter worth approximately $6,850,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Costamare during the 2nd quarter worth approximately $6,356,000. 26.95% of the stock is owned by hedge funds and other 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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