Zacks Investment Research Lowers COSTAMARE INC/SH (CMRE) to Hold
COSTAMARE INC/SH (NYSE:CMRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” 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 brokerages have also recently commented on CMRE. ValuEngine upgraded shares of COSTAMARE INC/SH from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. Morgan Stanley set a $8.00 target price on shares of COSTAMARE INC/SH and gave the company a “buy” rating in a research report on Saturday, October 27th.
COSTAMARE INC/SH (NYSE:CMRE) last issued its earnings results on Wednesday, January 23rd. The shipping company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. The company had revenue of $103.90 million during the quarter, compared to analysts’ expectations of $97.39 million. COSTAMARE INC/SH had a net margin of 17.68% and a return on equity of 4.63%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS. As a group, research analysts forecast that COSTAMARE INC/SH will post 0.67 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CMRE. Raymond James & Associates bought a new stake in shares of COSTAMARE INC/SH in the 2nd quarter valued at $106,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of COSTAMARE INC/SH in the 3rd quarter valued at $168,000. Creative Planning bought a new stake in shares of COSTAMARE INC/SH in the 3rd quarter valued at $180,000. Acadian Asset Management LLC increased its position in shares of COSTAMARE INC/SH by 649.0% in the 3rd quarter. Acadian Asset Management LLC now owns 99,311 shares of the shipping company’s stock valued at $643,000 after buying an additional 86,051 shares in the last quarter. Finally, Strs Ohio increased its position in shares of COSTAMARE INC/SH by 1,117.6% in the 3rd quarter. Strs Ohio now owns 103,500 shares of the shipping company’s stock valued at $671,000 after buying an additional 95,000 shares in the last quarter. Institutional investors and hedge funds own 24.07% of the company’s stock.
About COSTAMARE INC/SH
Costamare Inc owns and charters containerships to liner companies worldwide. As of February 23, 2018, it had a fleet of 71 containerships with a total capacity of approximately 466,000 twenty foot equivalent unit (TEU), including 64 vessels in the water, aggregating approximately 462,000 TEU; and 1 new build vessel of 3,800 TEU.
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