Costamare Inc. (NYSE:CMRE) Sees Significant Decline in Short Interest

Costamare Inc. (NYSE:CMRE) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 1,270,000 shares, a drop of 6.6% from the March 15th total of 1,360,000 shares. Based on an average daily trading volume, of 441,300 shares, the short-interest ratio is currently 2.9 days. Approximately 2.8% of the shares of the company are short sold.

Hedge Funds Weigh In On Costamare

A number of large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its holdings in Costamare by 99.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,031 shares of the shipping company’s stock worth $23,529,000 after acquiring an additional 689,704 shares during the last quarter. Penserra Capital Management LLC bought a new stake in Costamare in the 1st quarter worth $3,661,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Costamare by 1,282.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 214,428 shares of the shipping company’s stock worth $2,063,000 after acquiring an additional 198,922 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Costamare by 131.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 325,538 shares of the shipping company’s stock worth $3,148,000 after acquiring an additional 185,126 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in Costamare by 16.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,313,829 shares of the shipping company’s stock worth $13,677,000 after acquiring an additional 183,193 shares during the last quarter. Hedge funds and other institutional investors own 58.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Costamare from a “hold” rating to a “buy” rating in a report on Thursday, April 11th.

Costamare Price Performance

NYSE CMRE traded down $0.10 on Tuesday, hitting $10.97. The stock had a trading volume of 122,841 shares, compared to its average volume of 435,290. Costamare has a 52-week low of $7.71 and a 52-week high of $11.85. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.59 and a current ratio of 1.69. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 3.75 and a beta of 1.38. The firm has a 50-day moving average of $11.24 and a 200-day moving average of $10.38.

Costamare (NYSE:CMRE) last posted its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.06. The firm had revenue of $494.85 million for the quarter, compared to analysts’ expectations of $419.00 million. Costamare had a net margin of 25.26% and a return on equity of 11.37%. During the same quarter last year, the company posted $0.61 EPS. Equities analysts expect that Costamare will post 2.73 EPS for the current year.

Costamare Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Friday, April 19th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Thursday, April 18th. Costamare’s payout ratio is presently 15.59%.

Costamare Company Profile

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.