Costamare (NYSE:CMRE) Sets New 1-Year Low – Here’s What Happened

Costamare Inc. (NYSE:CMRE) shares reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $12.93 and last traded at $12.9390, with a volume of 99,799 shares. The stock had previously closed at $13.16.

Analysts Set New Price Targets

Several research firms have weighed in on CMRE. Zacks Research raised Costamare to a “hold” rating in a research report on Tuesday, October 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Costamare in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Costamare Price Performance

The company has a 50 day moving average of $14.78 and a 200 day moving average of $15.80. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.47 and a current ratio of 2.52. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 4.93 and a beta of 1.18.

Costamare (NYSE:CMRE) last posted its quarterly earnings results on Wednesday, October 28th. The shipping company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.02. The company had revenue of $208.78 million for the quarter, compared to analyst estimates of $208.06 million. Costamare had a return on equity of 14.29% and a net margin of 39.40%. As a group, equities research analysts anticipate that Costamare Inc. will post 2.53 EPS for the current year.

Costamare Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Tuesday, October 20th will be paid a dividend of $0.1250 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Tuesday, October 20th. Costamare’s dividend payout ratio is presently 19.31%.

Institutional Trading of Costamare

Several hedge funds have recently added to or reduced their stakes in CMRE. Pinnacle Holdings LLC purchased a new stake in Costamare during the 2nd quarter worth about $27,000. Signaturefd LLC boosted its position in shares of Costamare by 62.8% during the 3rd quarter. Signaturefd LLC now owns 2,275 shares of the shipping company’s stock worth $33,000 after acquiring an additional 878 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Costamare in the 2nd quarter valued at about $36,000. IFP Advisors Inc increased its holdings in shares of Costamare by 1,221.5% in the 2nd quarter. IFP Advisors Inc now owns 2,947 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 2,724 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Costamare by 232.4% in the 3rd quarter. GAMMA Investing LLC now owns 5,753 shares of the shipping company’s stock valued at $85,000 after acquiring an additional 4,022 shares during the last quarter. Institutional investors and hedge funds own 58.08% of the company’s stock.

About Costamare

Costamare Inc (NYSE: CMRE) is a global shipping company that owns and operates vessels used to transport containerized cargo and dry bulk commodities. Its containerships carry manufactured goods, consumer products and other cargo moved in standardized shipping containers, while its dry bulk vessels transport commodities such as grain, minerals and other bulk materials.

The company primarily generates revenue by chartering its vessels to international liner companies and other shipping customers under a range of charter arrangements.