StockNews.com Upgrades Costamare (NYSE:CMRE) to “Buy”

Costamare (NYSE:CMREGet Free Report) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Sunday.

Separately, Citigroup dropped their price target on shares of Costamare from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, October 24th.

Check Out Our Latest Analysis on Costamare

Costamare Stock Performance

Shares of Costamare stock opened at $11.57 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.59 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average price of $10.54 and a two-hundred day moving average price of $10.08. Costamare has a 1-year low of $7.71 and a 1-year high of $11.85. The company has a market cap of $1.36 billion, a P/E ratio of 3.92 and a beta of 1.39.

Costamare (NYSE:CMREGet Free Report) last issued its earnings results on Wednesday, February 7th. The shipping company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.62 by $0.06. The company had revenue of $494.85 million during the quarter, compared to the consensus estimate of $419.00 million. Costamare had a return on equity of 11.37% and a net margin of 25.26%. During the same period last year, the business posted $0.61 EPS. As a group, analysts anticipate that Costamare will post 2.67 EPS for the current year.

Hedge Funds Weigh In On Costamare

Several hedge funds have recently modified their holdings of CMRE. JPMorgan Chase & Co. lifted its position in shares of Costamare by 22.3% during the 1st quarter. JPMorgan Chase & Co. now owns 476,629 shares of the shipping company’s stock worth $7,872,000 after buying an additional 86,941 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Costamare by 18.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,904 shares of the shipping company’s stock worth $203,000 after purchasing an additional 1,883 shares during the period. HighTower Advisors LLC bought a new stake in shares of Costamare in the 1st quarter worth approximately $712,000. Dimensional Fund Advisors LP raised its holdings in shares of Costamare by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,907,931 shares of the shipping company’s stock worth $100,733,000 after purchasing an additional 162,918 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Costamare by 58.1% in the 1st quarter. Sei Investments Co. now owns 54,083 shares of the shipping company’s stock worth $923,000 after purchasing an additional 19,869 shares during the period. Institutional investors own 22.68% of the company’s stock.

Costamare Company Profile

(Get Free Report)

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.

Further Reading

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