Costamare (NYSE:CMRE) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Costamare (NYSE:CMRE) from a strong-buy rating to a hold rating in a research note issued to investors on Monday, Zacks.com reports.

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 brokerages also recently commented on CMRE. Citigroup upped their price objective on Costamare from $14.50 to $19.00 and gave the stock a buy rating in a research note on Wednesday, September 8th. TheStreet upgraded Costamare from a c+ rating to a b- rating in a research note on Wednesday, July 28th. Finally, upped their price objective on Costamare from $12.50 to $14.50 and gave the stock a buy rating in a research note on Thursday, June 17th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $13.50.

Shares of NYSE CMRE opened at $15.77 on Monday. Costamare has a twelve month low of $4.97 and a twelve month high of $16.72. The company has a current ratio of 1.27, a quick ratio of 1.23 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 10.80 and a beta of 1.69. The business has a 50 day simple moving average of $12.94 and a 200-day simple moving average of $11.48.

Costamare (NYSE:CMRE) last issued its quarterly earnings results on Tuesday, July 27th. The shipping company reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.04. Costamare had a return on equity of 13.42% and a net margin of 40.55%. The business had revenue of $166.77 million during the quarter, compared to the consensus estimate of $166.03 million. As a group, equities analysts predict that Costamare will post 2.26 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 5th. Stockholders of record on Tuesday, July 20th were paid a $0.115 dividend. This is a boost from Costamare’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Monday, July 19th. This represents a $0.46 annualized dividend and a dividend yield of 2.92%. Costamare’s dividend payout ratio is presently 45.10%.

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of Costamare by 352.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,394,782 shares of the shipping company’s stock valued at $13,418,000 after buying an additional 1,086,678 shares during the period. Morgan Stanley lifted its holdings in shares of Costamare by 40.6% in the first quarter. Morgan Stanley now owns 1,719,918 shares of the shipping company’s stock valued at $16,546,000 after buying an additional 496,589 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Costamare by 32.7% in the first quarter. JPMorgan Chase & Co. now owns 1,128,386 shares of the shipping company’s stock valued at $10,855,000 after buying an additional 278,330 shares during the period. Stifel Financial Corp lifted its holdings in shares of Costamare by 236.4% during the first quarter. Stifel Financial Corp now owns 362,770 shares of the shipping company’s stock valued at $3,490,000 after purchasing an additional 254,918 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Costamare by 78.8% during the first quarter. Nuveen Asset Management LLC now owns 548,914 shares of the shipping company’s stock valued at $5,280,000 after purchasing an additional 241,962 shares during the last quarter. 26.51% of the stock is owned by institutional investors.

Costamare Company Profile

Costamare, Inc is a holding company, engages in the provision of containerships chartering. The firm owns vessels such as new build containerships and second hand vessel. The company was founded on April 21, 2008 and is headquartered in Monaco.

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