Costamare Inc. (CMRE) Upgraded to Hold by Zacks Investment Research
Costamare Inc. (NYSE:CMRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Costamare Inc. operates as a containership owner chartering its vessels to liner companies. The Company deploys its containership fleet principally under multi-year time charters with leading liner companies that operate regularly scheduled routes between large commercial ports. It also provides a range of shipping services, such as technical support and maintenance, insurance consulting, financial and accounting services. Costamare Inc. is headquartered in Athens, Greece. “
Other equities analysts also recently issued research reports about the company. BidaskClub raised Costamare from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. ValuEngine upgraded Costamare from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Stifel Nicolaus restated a “hold” rating and set a $7.00 price objective on shares of Costamare in a report on Friday, July 14th. Finally, Credit Suisse Group upgraded Costamare from an “underperform” rating to a “neutral” rating and set a $8.00 price objective for the company in a report on Monday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $8.50.
Costamare (CMRE) traded down 0.63% during midday trading on Monday, reaching $6.34. 480,882 shares of the company traded hands. The company has a market capitalization of $671.98 million, a price-to-earnings ratio of 15.81 and a beta of 2.21. Costamare has a one year low of $5.07 and a one year high of $9.54. The stock’s 50 day moving average is $6.62 and its 200 day moving average is $6.69.
Costamare (NYSE:CMRE) last released its earnings results on Tuesday, July 25th. The shipping company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The firm had revenue of $104.10 million for the quarter, compared to the consensus estimate of $104.23 million. Costamare had a return on equity of 8.94% and a net margin of 12.70%. The company’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. On average, equities analysts anticipate that Costamare will post $0.82 earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of CMRE. Parkwood LLC acquired a new position in Costamare during the second quarter worth about $103,000. Voya Investment Management LLC acquired a new position in Costamare during the second quarter worth about $105,000. American International Group Inc. boosted its stake in shares of Costamare by 7.9% in the first quarter. American International Group Inc. now owns 16,419 shares of the shipping company’s stock valued at $109,000 after buying an additional 1,202 shares in the last quarter. Penn Capital Management Co. Inc. purchased a new stake in shares of Costamare during the second quarter valued at $125,000. Finally, Sei Investments Co. purchased a new stake in shares of Costamare during the first quarter valued at $137,000. Institutional investors own 27.23% of the company’s stock.
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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