Zacks Investment Research Downgrades Costamare Inc. (CMRE) to Sell
Costamare Inc. (NYSE:CMRE) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued on Tuesday.
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. “
Several other analysts have also issued reports on CMRE. BidaskClub lowered shares of Costamare from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $7.00 target price on shares of Costamare in a research report on Friday, July 14th. Finally, ValuEngine lowered shares of Costamare from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $8.28.
Shares of Costamare (CMRE) traded down 0.48% during midday trading on Tuesday, reaching $6.24. 447,049 shares of the company were exchanged. Costamare has a 52 week low of $5.07 and a 52 week high of $8.44. The firm has a 50-day moving average of $6.19 and a 200 day moving average of $6.71. The firm has a market capitalization of $661.38 million, a P/E ratio of 15.56 and a beta of 2.17.
Costamare (NYSE:CMRE) last announced its quarterly earnings results on Tuesday, July 25th. The shipping company reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. Costamare had a return on equity of 8.94% and a net margin of 12.70%. The business had revenue of $104.10 million for the quarter, compared to analyst estimates of $104.23 million. During the same quarter in the prior year, the company posted $0.44 EPS. The company’s quarterly revenue was down 12.5% on a year-over-year basis. On average, equities research analysts expect that Costamare will post $0.81 EPS for the current year.
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A number of institutional investors have recently made changes to their positions in CMRE. Nationwide Fund Advisors grew its position in Costamare by 4.0% in the 1st quarter. Nationwide Fund Advisors now owns 84,031 shares of the shipping company’s stock valued at $560,000 after acquiring an additional 3,211 shares in the last quarter. Wells Fargo & Company MN increased its stake in Costamare by 37.3% during the first quarter. Wells Fargo & Company MN now owns 190,228 shares of the shipping company’s stock worth $1,267,000 after purchasing an additional 51,687 shares during the period. Bank of New York Mellon Corp increased its stake in Costamare by 33.4% during the first quarter. Bank of New York Mellon Corp now owns 93,261 shares of the shipping company’s stock worth $622,000 after purchasing an additional 23,348 shares during the period. Sei Investments Co. purchased a new stake in Costamare during the first quarter worth about $137,000. Finally, Parametric Portfolio Associates LLC increased its stake in Costamare by 16.3% during the first quarter. Parametric Portfolio Associates LLC now owns 808,691 shares of the shipping company’s stock worth $5,386,000 after purchasing an additional 113,445 shares during the period. Institutional investors own 26.95% 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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