Costamare (NYSE:CMRE) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Costamare (NYSE:CMRE) from a buy rating to a hold rating in a research report released on Wednesday.

Separately, Stifel Nicolaus raised their price objective on Costamare from $11.50 to $12.00 and gave the company a hold rating in a research report on Friday, April 19th.

Costamare Price Performance

CMRE opened at $11.78 on Wednesday. Costamare has a 12-month low of $7.71 and a 12-month high of $11.90. The company has a current ratio of 1.69, a quick ratio of 1.59 and a debt-to-equity ratio of 0.83. The business’s fifty day simple moving average is $11.26 and its 200-day simple moving average is $10.48. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 3.99 and a beta of 1.38.

Costamare (NYSE:CMRE) last posted its quarterly earnings results on Wednesday, February 7th. The shipping company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.06. Costamare had a return on equity of 11.37% and a net margin of 25.26%. The business had revenue of $494.85 million for the quarter, compared to the consensus estimate of $419.00 million. During the same quarter in the prior year, the company earned $0.61 EPS. On average, equities research analysts anticipate that Costamare will post 2.73 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Friday, April 19th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date is Thursday, April 18th. Costamare’s dividend payout ratio (DPR) is presently 15.59%.

Institutional Investors Weigh In On Costamare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMRE. Demars Financial Group LLC purchased a new position in shares of Costamare in the third quarter worth about $1,106,000. Kendall Capital Management raised its stake in shares of Costamare by 24.8% in the third quarter. Kendall Capital Management now owns 171,712 shares of the shipping company’s stock worth $1,652,000 after purchasing an additional 34,170 shares during the last quarter. Summit X LLC raised its stake in shares of Costamare by 1.8% in the third quarter. Summit X LLC now owns 131,447 shares of the shipping company’s stock worth $1,265,000 after purchasing an additional 2,312 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Costamare by 177.5% in the third quarter. Los Angeles Capital Management LLC now owns 208,277 shares of the shipping company’s stock worth $2,004,000 after purchasing an additional 133,225 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in Costamare during the third quarter valued at approximately $464,000. 58.08% of the stock is currently owned by hedge funds and other institutional investors.

Costamare Company Profile

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.