Zacks Investment Research Upgrades Costamare Inc (CMRE) to “Hold”
Zacks Investment Research upgraded shares of Costamare Inc (NYSE:CMRE) from a sell rating to a hold rating in a report published on Wednesday morning.
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. “
CMRE has been the topic of several other reports. Stifel Nicolaus raised shares of Costamare from a sell rating to a hold rating and set a $5.50 price objective on the stock in a report on Monday, February 13th. They noted that the move was a valuation call. TheStreet downgraded shares of Costamare from a c rating to a d+ rating in a report on Friday, January 27th. Credit Suisse Group AG downgraded shares of Costamare from a neutral rating to an underperform rating and set a $5.00 price objective on the stock. in a report on Monday, January 30th. Morgan Stanley raised shares of Costamare from an equal weight rating to an overweight rating and set a $7.00 price objective on the stock in a report on Wednesday, February 1st. Finally, Citigroup Inc began coverage on shares of Costamare in a report on Tuesday, February 7th. They set a neutral rating and a $5.50 price objective on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $8.59.
Costamare has a 52 week low of $5.07 and a 52 week high of $10.45. The stock’s 50 day moving average is $6.46 and its 200 day moving average is $6.38. The stock has a market cap of $615.38 million, a PE ratio of 8.57 and a beta of 1.96.
Costamare (NYSE:CMRE) last announced its quarterly earnings results on Thursday, January 26th. The shipping company reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. Costamare had a net margin of 17.45% and a return on equity of 12.74%. The firm had revenue of $110.13 million for the quarter, compared to the consensus estimate of $110.51 million. During the same period in the prior year, the firm posted $0.44 earnings per share. The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. Analysts predict that Costamare will post $0.86 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, May 8th. Stockholders of record on Friday, April 21st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date of this dividend is Wednesday, April 19th. Costamare’s dividend payout ratio (DPR) is 48.78%.
Large investors have recently modified their holdings of the stock. Federated Investors Inc. PA boosted its stake in shares of Costamare by 9.5% in the fourth quarter. Federated Investors Inc. PA now owns 21,531 shares of the shipping company’s stock worth $121,000 after buying an additional 1,862 shares during the period. State Street Corp boosted its stake in shares of Costamare by 0.8% in the fourth quarter. State Street Corp now owns 431,593 shares of the shipping company’s stock worth $2,417,000 after buying an additional 3,614 shares during the period. Teachers Advisors LLC boosted its stake in shares of Costamare by 1.4% in the fourth quarter. Teachers Advisors LLC now owns 285,279 shares of the shipping company’s stock worth $1,598,000 after buying an additional 3,875 shares during the period. Wells Fargo & Company MN boosted its stake in Costamare by 4.3% in the third quarter. Wells Fargo & Company MN now owns 106,936 shares of the shipping company’s stock valued at $977,000 after buying an additional 4,361 shares during the last quarter. Finally, Acrospire Investment Management LLC boosted its stake in Costamare by 40.6% in the third quarter. Acrospire Investment Management LLC now owns 15,444 shares of the shipping company’s stock valued at $141,000 after buying an additional 4,460 shares during the last quarter. Institutional investors and hedge funds own 12.30% of the company’s stock.