Costamare (CMRE) Stock Rating Lowered by Zacks Investment Research

Costamare (NYSE:CMRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. “

A number of other equities research analysts have also recently weighed in on CMRE. BidaskClub raised Costamare from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. ValuEngine upgraded Costamare from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Credit Suisse Group set a $7.00 price objective on Costamare and gave the company a “hold” rating in a research report on Wednesday, October 25th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $7.00 price objective on shares of Costamare in a research report on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Costamare currently has a consensus rating of “Hold” and an average target price of $7.00.

Costamare (CMRE) traded up $0.01 during mid-day trading on Friday, reaching $6.36. The company had a trading volume of 440,985 shares, compared to its average volume of 495,522. Costamare has a 12-month low of $5.07 and a 12-month high of $8.18. The firm has a market cap of $680.74, a PE ratio of 17.67, a price-to-earnings-growth ratio of 1.68 and a beta of 2.10. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.96 and a quick ratio of 0.92.

Costamare (NYSE:CMRE) last released its quarterly earnings results on Tuesday, October 24th. The shipping company reported $0.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.01. Costamare had a return on equity of 6.23% and a net margin of 23.84%. The firm had revenue of $98.40 million during the quarter, compared to analysts’ expectations of $100.24 million. During the same period last year, the firm posted $0.37 EPS. The business’s revenue was down 14.7% on a year-over-year basis. equities research analysts forecast that Costamare will post 0.76 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. boosted its position in shares of Costamare by 71.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 68,900 shares of the shipping company’s stock worth $504,000 after purchasing an additional 28,700 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Costamare by 49.0% in the 2nd quarter. Rhumbline Advisers now owns 41,490 shares of the shipping company’s stock worth $303,000 after purchasing an additional 13,638 shares during the last quarter. State of Wisconsin Investment Board bought a new position in shares of Costamare in the 2nd quarter worth $241,000. Bank of New York Mellon Corp boosted its position in shares of Costamare by 22.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 114,576 shares of the shipping company’s stock worth $838,000 after purchasing an additional 21,315 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Costamare by 668.1% in the 2nd quarter. Prudential Financial Inc. now owns 328,920 shares of the shipping company’s stock worth $2,404,000 after purchasing an additional 286,100 shares during the last quarter. Hedge funds and other institutional investors own 25.62% of the company’s stock.

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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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