Trading Report: The Zacks Investment Research Downgrades Costamare Inc. (CMRE) to Strong Sell

The Zacks Investment Research Downgrades Costamare Inc. (CMRE) to Strong Sell

Costamare Inc. (NYSE:CMRE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday.

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 analysts also recently commented on CMRE. Barclays PLC lowered their price target on Costamare from $11.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, October 3rd. Morgan Stanley downgraded shares of Costamare from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $12.00 to $7.50 in a research note on Thursday, June 30th. Stifel Nicolaus downgraded shares of Costamare from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $10.00 to $5.00 in a research note on Tuesday, October 4th. JPMorgan Chase & Co. upgraded shares of Costamare from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $12.00 to $13.00 in a research note on Wednesday, October 5th. Finally, Credit Suisse Group AG set a $9.00 price objective on shares of Costamare and gave the stock a “hold” rating in a research note on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $9.55.

Shares of Costamare (NYSE:CMRE) opened at 6.83 on Thursday. Costamare has a 12-month low of $6.01 and a 12-month high of $14.79. The firm has a market capitalization of $522.40 million, a PE ratio of 4.70 and a beta of 1.66. The company has a 50-day moving average of $8.16 and a 200 day moving average of $8.96.

Costamare (NYSE:CMRE) last announced its quarterly earnings results on Monday, October 24th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. Costamare had a return on equity of 14.63% and a net margin of 27.28%. The company had revenue of $115.50 million for the quarter, compared to the consensus estimate of $114.20 million. During the same quarter last year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was down 7.4% compared to the same quarter last year. On average, analysts predict that Costamare will post $1.56 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 4th. Investors of record on Friday, October 21st will be given a $0.10 dividend. The ex-dividend date is Wednesday, October 19th. This represents a $0.40 annualized dividend and a yield of 5.86%. Costamare’s dividend payout ratio (DPR) is currently 27.40%.

A number of hedge funds and other institutional investors have recently modified their holdings of CMRE. Janney Montgomery Scott LLC purchased a new position in shares of Costamare during the second quarter valued at approximately $253,000. Bogle Investment Management L P DE boosted its position 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. California State Teachers Retirement System bought a new position in shares of Costamare during the second quarter worth about $426,000. Global X Management Co. LLC boosted its position in shares of Costamare by 4.9% in the second quarter. Global X Management Co. LLC now owns 1,001,166 shares of the company’s stock worth $7,679,000 after buying an additional 46,890 shares during the last quarter. Finally, Barnett & Company Inc. boosted its position in shares of Costamare by 0.9% in the second quarter. Barnett & Company Inc. now owns 33,750 shares of the company’s stock worth $259,000 after buying an additional 300 shares during the last quarter. 15.39% of the stock is owned by hedge funds and other institutional investors.

About Costamare

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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