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

StockNews.com upgraded shares of Costamare (NYSE:CMREGet Rating) from a hold rating to a buy rating in a research report sent to investors on Friday.

Separately, Zacks Investment Research lowered shares of Costamare from a hold rating to a sell rating in a research report on Monday, May 2nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Buy and an average target price of $15.83.

CMRE stock opened at $12.78 on Friday. The company’s 50 day simple moving average is $15.48 and its 200-day simple moving average is $13.80. The firm has a market capitalization of $1.58 billion, a PE ratio of 3.44 and a beta of 1.47. Costamare has a 12 month low of $9.64 and a 12 month high of $18.01. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.15 and a quick ratio of 1.09.

Costamare (NYSE:CMREGet Rating) last released its quarterly earnings results on Thursday, May 5th. The shipping company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.82 by $0.02. Costamare had a net margin of 52.41% and a return on equity of 24.33%. During the same period last year, the firm earned $0.31 EPS. As a group, sell-side analysts anticipate that Costamare will post 3.87 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 5th. Investors of record on Tuesday, April 19th were given a dividend of $0.115 per share. The ex-dividend date was Monday, April 18th. This represents a $0.46 dividend on an annualized basis and a yield of 3.60%. Costamare’s dividend payout ratio (DPR) is currently 12.40%.

A number of hedge funds and other institutional investors have recently made changes to their positions in CMRE. Allianz Asset Management GmbH boosted its position in Costamare by 199.0% during the third quarter. Allianz Asset Management GmbH now owns 598,441 shares of the shipping company’s stock worth $9,270,000 after acquiring an additional 398,311 shares during the last quarter. Millennium Management LLC raised its stake in Costamare by 159.3% during the third quarter. Millennium Management LLC now owns 490,614 shares of the shipping company’s stock worth $7,600,000 after purchasing an additional 301,409 shares during the period. BNP Paribas Arbitrage SA raised its stake in Costamare by 2,065.4% during the fourth quarter. BNP Paribas Arbitrage SA now owns 300,407 shares of the shipping company’s stock worth $3,800,000 after purchasing an additional 286,534 shares during the period. Beach Investment Counsel Inc. PA purchased a new position in Costamare during the first quarter worth approximately $3,286,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Costamare during the third quarter worth approximately $2,584,000. Hedge funds and other institutional investors own 59.47% of the company’s stock.

Costamare Company Profile (Get Rating)

Costamare Inc owns and charters containerships to liner companies worldwide. As of March 18, 2022, it had a fleet of 76 containerships with a total capacity of approximately 557,400 twenty-foot equivalent units and 45 dry bulk vessels with a total capacity of approximately 2,435,500 DWT. The company was founded in 1974 and is based in Monaco.

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