Costamare Inc. (NYSE:CMRE) was upgraded by equities research analysts at Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a note issued to investors on Monday. The firm presently has a $9.00 target price on the stock. Wells Fargo & Company’s price target suggests a potential upside of 47.78% from the company’s previous close. The analysts noted that the move was a valuation call.
A number of other research firms also recently commented on CMRE. Stifel Nicolaus upgraded Costamare from a “sell” rating to a “hold” rating and set a $5.50 price objective on the stock in a report on Monday. They noted that the move was a valuation call. Citigroup Inc. began coverage on Costamare in a report on Tuesday, February 7th. They issued a “neutral” rating and a $5.50 price objective on the stock. TheStreet downgraded Costamare from a “c” rating to a “d+” rating in a report on Friday, January 27th. Morgan Stanley upgraded Costamare from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a report on Wednesday, February 1st. Finally, Credit Suisse Group downgraded Costamare from a “neutral” rating to an “underperform” rating and set a $5.00 price objective on the stock. in a report on Monday, January 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $8.54.
Costamare (NYSE:CMRE) traded up 0.49% during trading on Monday, reaching $6.12. The company’s stock had a trading volume of 57,233 shares. The stock has a 50 day moving average price of $5.83 and a 200 day moving average price of $7.24. The stock has a market capitalization of $498.77 million, a PE ratio of 7.80 and a beta of 1.96. Costamare has a 1-year low of $5.07 and a 1-year high of $11.00.
Costamare (NYSE:CMRE) last announced its quarterly earnings results on Thursday, January 26th. The company reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.02. Costamare had a return on equity of 12.74% and a net margin of 17.45%. The business had revenue of $110.13 million for the quarter, compared to analyst estimates of $110.51 million. During the same quarter in the prior year, the company posted $0.44 EPS. The company’s quarterly revenue was down 9.9% on a year-over-year basis. Analysts anticipate that Costamare will post $0.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, February 6th. Shareholders of record on Monday, January 23rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 6.57%. The ex-dividend date of this dividend was Thursday, January 19th. Costamare’s payout ratio is 48.78%.
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Several large investors have recently made changes to their positions in the stock. State of New Jersey Common Pension Fund D acquired a new stake in shares of Costamare during the third quarter worth approximately $139,000. Acrospire Investment Management LLC increased its stake in Costamare by 40.6% in the third quarter. Acrospire Investment Management LLC now owns 15,444 shares of the company’s stock worth $141,000 after buying an additional 4,460 shares during the period. Quantitative Systematic Strategies LLC increased its stake in Costamare by 60.0% in the second quarter. Quantitative Systematic Strategies LLC now owns 17,563 shares of the company’s stock worth $156,000 after buying an additional 6,584 shares during the period. Federated Investors Inc. PA increased its stake in Costamare by 9.5% in the fourth quarter. Federated Investors Inc. PA now owns 21,531 shares of the company’s stock worth $121,000 after buying an additional 1,862 shares during the period. Finally, First Foundation Advisors purchased a new stake in Costamare during the second quarter worth about $192,000. 12.30% of the stock is owned by institutional investors and hedge funds.
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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