Zacks Investment Research cut shares of Costamare (NYSE:CMRE) from a buy rating to a hold rating in a research note published on Tuesday 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. “
A number of other equities research analysts have also recently commented on the stock. ValuEngine upgraded shares of Costamare from a buy rating to a strong-buy rating in a research note on Friday, December 1st. BidaskClub cut shares of Costamare from a hold rating to a sell rating in a research note on Thursday, October 26th. Credit Suisse Group set a $7.00 target price on shares of Costamare and gave the stock a hold rating in a research note on Wednesday, October 25th. Finally, Stifel Nicolaus restated a hold rating and set a $7.00 target price on shares of Costamare in a research note on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $7.00.
Costamare (NYSE:CMRE) last issued its quarterly earnings data on Tuesday, October 24th. The shipping company reported $0.16 earnings per share 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 analysts’ expectations of $100.24 million. During the same quarter in the prior year, the business earned $0.37 EPS. The business’s quarterly revenue was down 14.7% on a year-over-year basis. equities analysts forecast that Costamare will post 0.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 6th. Shareholders of record on Tuesday, January 23rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 6.51%. The ex-dividend date of this dividend is Monday, January 22nd. Costamare’s payout ratio is 111.11%.
Institutional investors and hedge funds have recently made changes to their positions in the business. Voya Investment Management LLC purchased a new stake in Costamare during the 2nd quarter valued at approximately $105,000. FNY Partners Fund LP purchased a new stake in Costamare during the 3rd quarter valued at approximately $106,000. Highbridge Capital Management LLC purchased a new stake in Costamare during the 3rd quarter valued at approximately $124,000. Penn Capital Management Co. Inc. purchased a new stake in Costamare during the 2nd quarter valued at approximately $125,000. Finally, Royal Bank of Canada grew its holdings in Costamare by 31.4% during the 2nd quarter. Royal Bank of Canada now owns 21,265 shares of the shipping company’s stock valued at $155,000 after buying an additional 5,081 shares in the last quarter. 25.62% of the stock is owned by institutional investors and hedge funds.
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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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