Stifel Nicolaus lowered shares of Costamare Inc. (NYSE:CMRE) from a hold rating to a sell rating in a report released on Tuesday. Stifel Nicolaus currently has $5.00 price target on the stock, down from their prior price target of $10.00.
Other research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Costamare from a hold rating to a buy rating and set a $11.00 price objective on the stock in a research report on Wednesday, June 22nd. Vetr downgraded shares of Costamare from a strong-buy rating to a buy rating and set a $11.32 price objective on the stock. in a research report on Thursday, June 9th. Morgan Stanley downgraded shares of Costamare from an overweight rating to an equal weight rating and lowered their price objective for the company from $12.00 to $7.50 in a research report on Thursday, June 30th. Barclays PLC lowered their price objective on shares of Costamare from $11.00 to $10.00 and set an equal weight rating on the stock in a research report on Monday, October 3rd. Finally, Credit Suisse Group AG set a $9.00 price objective on shares of Costamare and gave the company a hold rating in a research report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $9.55.
Costamare (NYSE:CMRE) opened at 7.42 on Tuesday. The firm has a market capitalization of $561.67 million, a price-to-earnings ratio of 4.50 and a beta of 1.66. The firm’s 50-day moving average is $8.83 and its 200 day moving average is $9.14. Costamare has a one year low of $6.01 and a one year high of $15.10.
Costamare (NYSE:CMRE) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. Costamare had a net margin of 29.87% and a return on equity of 15.03%. The firm had revenue of $117.90 million for the quarter, compared to the consensus estimate of $119.37 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The firm’s revenue was down 4.9% on a year-over-year basis. Analysts forecast that Costamare will post $1.54 EPS for the current fiscal year.
The company also recently disclosed 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date is Wednesday, October 19th. Costamare’s payout ratio is 70.30%.
Several hedge funds have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Costamare by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 120,069 shares of the company’s stock worth $1,069,000 after buying an additional 546 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Costamare during the first quarter worth $1,078,000. Bogle Investment Management L P DE boosted its stake 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 worth $1,694,000 after buying an additional 9,076 shares during the last quarter. Creative Planning boosted its stake in shares of Costamare by 1,572.9% in the second quarter. Creative Planning now owns 23,420 shares of the company’s stock worth $180,000 after buying an additional 22,020 shares during the last quarter. Finally, James Investment Research Inc. purchased a new stake in shares of Costamare during the second quarter worth $1,378,000. Institutional investors and hedge funds own 15.13% of the company’s stock.
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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