Costamare Inc. (NYSE:CMRE) Receives Average Rating of “Hold” from Brokerages
Costamare Inc. (NYSE:CMRE) has been given an average recommendation of “Hold” by the eight brokerages that are presently covering the firm. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $9.30.
A number of analysts have recently weighed in on the stock. Credit Suisse Group AG set a $9.00 target price on shares of Costamare and gave the stock a “hold” rating in a research report on Thursday, July 28th. Zacks Investment Research downgraded shares of Costamare from a “buy” rating to a “hold” rating in a research report on Thursday, June 23rd. 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 report on Monday, August 1st. Clarkson Capital downgraded shares of Costamare from a “buy” rating to a “neutral” rating in a research report on Friday, June 17th. Finally, Barclays PLC cut their price objective on shares of Costamare from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, October 3rd.
A number of institutional investors have recently bought and sold shares of CMRE. Alliancebernstein L.P. bought a new position in Costamare during the second quarter valued at about $103,000. American International Group Inc. bought a new position in Costamare during the second quarter valued at about $117,000. Nationwide Fund Advisors bought a new position in Costamare during the second quarter valued at about $127,000. Nuveen Fund Advisors LLC bought a new position in Costamare during the second quarter valued at about $143,000. Finally, Quantitative Systematic Strategies LLC boosted its position in Costamare by 60.0% in the second quarter. Quantitative Systematic Strategies LLC now owns 17,563 shares of the company’s stock valued at $156,000 after buying an additional 6,584 shares in the last quarter. Institutional investors and hedge funds own 15.13% of the company’s stock.
Shares of Costamare (NYSE:CMRE) opened at 7.42 on Tuesday. The firm has a 50-day moving average of $8.83 and a 200 day moving average of $9.14. The company has a market cap of $561.67 million, a price-to-earnings ratio of 4.50 and a beta of 1.67. Costamare has a 12 month low of $6.01 and a 12 month high of $15.10.
Costamare (NYSE:CMRE) last released its earnings results on Wednesday, July 27th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. The firm had revenue of $117.90 million for the quarter, compared to the consensus estimate of $119.37 million. Costamare had a net margin of 29.87% and a return on equity of 15.03%. The company’s revenue was down 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 EPS. On average, analysts expect that Costamare will post $1.54 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 4th. Shareholders of record on Friday, October 21st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.39%. The ex-dividend date is Wednesday, October 19th. Costamare’s dividend payout ratio is currently 70.30%.
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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