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

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

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

Read Our Latest Research Report on CMRE

Costamare Trading Up 4.4 %

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. Costamare has a 12-month low of $7.71 and a 12-month high of $11.85. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 3.92 and a beta of 1.39. The firm’s 50 day simple moving average is $10.54 and its two-hundred day simple moving average is $10.08.

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

Institutional Trading of Costamare

A number of hedge funds and other institutional investors have recently made changes to their positions in CMRE. Dimensional Fund Advisors LP boosted its holdings in Costamare by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 7,442,057 shares of the shipping company’s stock worth $70,029,000 after buying an additional 101,331 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Costamare by 99.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,031 shares of the shipping company’s stock worth $23,529,000 after buying an additional 689,704 shares in the last quarter. State Street Corp boosted its holdings in Costamare by 20.6% during the first quarter. State Street Corp now owns 1,028,262 shares of the shipping company’s stock worth $9,676,000 after buying an additional 175,639 shares in the last quarter. American Century Companies Inc. boosted its holdings in Costamare by 33.8% during the fourth quarter. American Century Companies Inc. now owns 650,469 shares of the shipping company’s stock worth $6,036,000 after buying an additional 164,247 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Costamare by 6.8% during the first quarter. Geode Capital Management LLC now owns 502,049 shares of the shipping company’s stock worth $4,724,000 after buying an additional 31,850 shares in the last quarter. Institutional investors and hedge funds 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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