Zacks Investment Research Downgrades Costamare (CMRE) to Sell

Costamare (NYSE:CMRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, December 26th.

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. “

Several other equities research analysts also recently commented on the stock. ValuEngine upgraded shares of Costamare from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. BidaskClub downgraded shares of Costamare from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Credit Suisse Group set a $7.00 target price on shares of Costamare and gave the company a “hold” rating in a research report on Wednesday, October 25th. Finally, Stifel Nicolaus restated a “hold” rating and set a $7.00 target price on shares of Costamare in a research report on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $7.00.

Costamare (NYSE CMRE) opened at $6.36 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 0.87. Costamare has a 1-year low of $5.07 and a 1-year high of $8.18. The stock has a market cap of $678.72, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 1.74 and a beta of 2.11.

Costamare (NYSE:CMRE) last released its quarterly earnings results on Tuesday, October 24th. The shipping company reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.01. Costamare had a net margin of 14.03% and a return on equity of 7.57%. The business had revenue of $98.40 million for the quarter, compared to analyst estimates of $100.24 million. During the same period in the previous year, the company earned $0.37 earnings per share. The business’s revenue for the quarter was down 14.7% on a year-over-year basis. sell-side analysts anticipate that Costamare will post 0.75 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC purchased a new position in Costamare in the second quarter valued at $105,000. FNY Partners Fund LP purchased a new stake in shares of Costamare during the third quarter worth about $106,000. Highbridge Capital Management LLC purchased a new stake in shares of Costamare during the third quarter worth about $124,000. Penn Capital Management Co. Inc. purchased a new stake in shares of Costamare during the second quarter worth about $125,000. Finally, Commerce Bank purchased a new stake in shares of Costamare during the third quarter worth about $155,000. 25.62% of the stock is owned by institutional investors.

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About Costamare

Costamare Inc (Costamare) is a holding company. The Company is an international owner of containerships. The Company is engaged in chartering its vessels to various liner companies. The Company provides marine transportation services around the world by chartering its container vessels to liner operators under long, medium and short-term time charters.

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