Zacks Investment Research lowered shares of Costamare (NYSE:CMRE) from a hold rating to a sell rating in a research report sent to investors on Thursday.
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. “
Separately, ValuEngine lowered shares of Costamare from a buy rating to a hold rating in a report on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Costamare has an average rating of Hold and a consensus target price of $6.83.
Costamare (NYSE:CMRE) last issued its quarterly earnings data on Tuesday, January 23rd. The shipping company reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Costamare had a net margin of 17.67% and a return on equity of 7.28%. The business had revenue of $99.20 million during the quarter, compared to analyst estimates of $97.52 million. During the same period last year, the business posted $0.28 earnings per share. Costamare’s quarterly revenue was down 8.9% compared to the same quarter last year. sell-side analysts predict that Costamare will post 0.7 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 8th. Shareholders of record on Friday, April 20th will be issued a $0.10 dividend. The ex-dividend date is Thursday, April 19th. This represents a $0.40 annualized dividend and a yield of 6.05%. Costamare’s dividend payout ratio (DPR) is presently 51.95%.
A number of institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in Costamare by 23.4% in the third quarter. JPMorgan Chase & Co. now owns 3,210,466 shares of the shipping company’s stock worth $20,098,000 after buying an additional 608,762 shares during the period. BlackRock Inc. increased its stake in shares of Costamare by 7.3% during the fourth quarter. BlackRock Inc. now owns 2,478,286 shares of the shipping company’s stock valued at $14,300,000 after purchasing an additional 168,122 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Costamare by 83.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,598,487 shares of the shipping company’s stock valued at $9,879,000 after purchasing an additional 729,015 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Costamare by 1,202.0% during the fourth quarter. Schroder Investment Management Group now owns 531,200 shares of the shipping company’s stock valued at $3,065,000 after purchasing an additional 490,400 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Costamare by 30.0% during the fourth quarter. Renaissance Technologies LLC now owns 461,400 shares of the shipping company’s stock valued at $2,662,000 after purchasing an additional 106,600 shares in the last quarter. Institutional investors and hedge funds own 23.58% of the company’s stock.
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Costamare Inc owns and charters containerships to liner companies worldwide. As of February 23, 2018, it had a fleet of 71 containerships with a total capacity of approximately 466,000 twenty foot equivalent unit (TEU), including 64 vessels in the water, aggregating approximately 462,000 TEU; and 1 new build vessel of 3,800 TEU.
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