California State Teachers Retirement System bought a new position in shares of Costamare Inc. (NYSE:CMRE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 55,493 shares of the company’s stock, valued at approximately $426,000. California State Teachers Retirement System owned about 0.07% of Costamare as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Bogle Investment Management L P DE increased its position in shares of Costamare by 5.0% in the first quarter. Bogle Investment Management L P DE now owns 190,385 shares of the company’s stock valued at $1,694,000 after buying an additional 9,076 shares during the last quarter. JPMorgan Chase & Co. bought a new position in shares of Costamare during the first quarter valued at $1,078,000. Bank of New York Mellon Corp bought a new position in shares of Costamare during the second quarter valued at $368,000. Quantitative Systematic Strategies LLC increased its position in shares of Costamare by 60.0% in the second quarter. Quantitative Systematic Strategies LLC now owns 17,563 shares of the company’s stock valued at $156,000 after buying an additional 6,584 shares during the last quarter. Finally, James Investment Research Inc. bought a new position in shares of Costamare during the second quarter valued at $1,378,000. Institutional investors own 15.13% of the company’s stock.
Shares of Costamare Inc. (NYSE:CMRE) traded down 1.33% on Wednesday, reaching $7.44. The company’s stock had a trading volume of 161,152 shares. Costamare Inc. has a 12-month low of $6.01 and a 12-month high of $15.10. The firm has a 50 day moving average price of $8.75 and a 200-day moving average price of $9.12. The stock has a market cap of $563.19 million, a PE ratio of 4.51 and a beta of 1.67.
Costamare (NYSE:CMRE) last issued its earnings results on Wednesday, July 27th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Costamare had a return on equity of 15.03% and a net margin of 29.87%. The firm had revenue of $117.90 million for the quarter, compared to the consensus estimate of $119.37 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. The company’s revenue was down 4.9% compared to the same quarter last year. Equities research analysts expect that Costamare Inc. will post $1.54 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 4th. Stockholders of record on Friday, October 21st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 19th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.31%. Costamare’s payout ratio is 70.30%.
Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Costamare from a “buy” rating to a “hold” rating in a report on Thursday, June 23rd. Clarkson Capital cut Costamare from a “buy” rating to a “neutral” rating in a research report on Friday, June 17th. Morgan Stanley cut Costamare from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $12.00 to $7.50 in a research report on Thursday, June 30th. Credit Suisse Group AG set a $9.00 price objective on Costamare and gave the company a “hold” rating in a research report on Thursday, July 28th. Finally, JPMorgan Chase & Co. raised Costamare from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research report on Monday, August 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Costamare has a consensus rating of “Hold” and an average price target of $9.55.
Costamare Company Profile
Costamare Inc (Costamare) is an international owner of containerships. The Company provides marine transportation services by chartering its container vessels to liner operators under long, medium and short-term time charters. The Company has a fleet of approximately 70 containerships with a total capacity of over 467,000 20-foot equivalent unit (TEU), including approximately 10 newbuilds on order.
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