Costamare Inc. (CMRE) Stock Rating Upgraded by Zacks Investment Research
Costamare Inc. (NYSE:CMRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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 have also issued reports about the stock. Clarkson Capital lowered shares of Costamare from a “buy” rating to a “neutral” rating in a research report on Friday, June 17th. Credit Suisse Group AG set a $9.00 price target on shares of Costamare and gave the stock a “hold” rating in a research report on Thursday, July 28th. Morgan Stanley lowered shares of Costamare from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $12.00 to $7.50 in a research report on Thursday, June 30th. JPMorgan Chase & Co. raised shares of Costamare from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research note on Monday, August 1st. Finally, Vetr cut shares of Costamare from a “strong-buy” rating to a “buy” rating and set a $11.32 price objective on the stock. in a research note on Thursday, June 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $10.14.
Costamare (NYSE:CMRE) opened at 7.32 on Monday. The stock has a 50 day moving average of $8.98 and a 200 day moving average of $9.18. The stock has a market cap of $554.10 million, a P/E ratio of 4.44 and a beta of 1.66. Costamare has a 12-month low of $6.01 and a 12-month high of $15.10.
Costamare (NYSE:CMRE) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Costamare had a net margin of 29.87% and a return on equity of 15.03%. The company earned $117.90 million during the quarter, compared to analyst estimates of $119.37 million. During the same period last year, the firm posted $0.46 EPS. Costamare’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, equities research analysts anticipate that Costamare will post $1.57 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. bought a new stake in Costamare during the second quarter worth about $103,000. American International Group Inc. bought a new stake in Costamare during the second quarter worth about $117,000. Nationwide Fund Advisors bought a new stake in Costamare during the second quarter worth about $127,000. Nuveen Fund Advisors LLC bought a new stake in Costamare during the second quarter worth about $143,000. Finally, Quantitative Systematic Strategies LLC boosted its stake in Costamare by 60.0% in the second quarter. Quantitative Systematic Strategies LLC now owns 17,563 shares of the company’s stock worth $156,000 after buying an additional 6,584 shares in the last quarter. 15.13% of the stock is currently owned by hedge funds and other institutional investors.
Costamare Company Profile
Costamare Inc (Costamare) is an international owner of containerships. The Company provides marine transportation services by chartering its container vessels to liner operators under long, medium and short-term time charters. The Company has a fleet of approximately 70 containerships with a total capacity of over 467,000 20-foot equivalent unit (TEU), including approximately 10 newbuilds on order.
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