Zacks Investment Research Downgrades Costamare (CMRE) to Sell
Zacks Investment Research cut shares of Costamare (NYSE:CMRE) from a hold rating to a sell rating in a report published on Friday.
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 research firms also recently issued reports on CMRE. ValuEngine raised shares of Costamare from a hold rating to a buy rating in a research note on Monday, October 2nd. BidaskClub raised shares of Costamare from a sell rating to a hold rating in a research note on Thursday, September 28th. Stifel Nicolaus reaffirmed a hold rating and set a $7.00 price target on shares of Costamare in a research note on Thursday, October 12th. Finally, Credit Suisse Group set a $7.00 target price on shares of Costamare and gave the stock a hold rating in a research report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $7.00.
Costamare (NYSE:CMRE) last released its quarterly earnings results on Tuesday, October 24th. The shipping company reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.01. Costamare had a net margin of 14.03% and a return on equity of 7.57%. The firm had revenue of $98.40 million for the quarter, compared to the consensus estimate of $100.24 million. During the same quarter in the previous year, the firm posted $0.37 EPS. The firm’s quarterly revenue was down 14.7% on a year-over-year basis. analysts expect that Costamare will post 0.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 6th. Stockholders of record on Tuesday, January 23rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 6.29%. The ex-dividend date of this dividend is Monday, January 22nd. Costamare’s payout ratio is currently 111.11%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Voya Investment Management LLC bought a new stake in shares of Costamare in the 2nd quarter worth about $105,000. FNY Partners Fund LP bought a new stake in shares of Costamare in the 3rd quarter worth about $106,000. Highbridge Capital Management LLC bought a new stake in shares of Costamare in the 3rd quarter worth about $124,000. Penn Capital Management Co. Inc. bought a new stake in shares of Costamare in the 2nd quarter worth about $125,000. Finally, Commerce Bank bought a new stake in shares of Costamare in the 3rd quarter worth about $155,000. 25.62% of the stock is owned by institutional investors.
Costamare Company Profile
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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