Costamare (NYSE:CMRE) Raised to “Hold” at Zacks Research

Costamare (NYSE:CMRE) was upgraded by Zacks Research to a “hold” rating in a report issued on Tuesday, Zacks reports.

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Costamare in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Costamare has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Costamare Stock Up 1.5%

Shares of NYSE CMRE opened at $13.98 on Tuesday. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 5.32 and a beta of 1.07. The company’s 50-day simple moving average is $15.02 and its 200-day simple moving average is $15.59. The company has a quick ratio of 1.57, a current ratio of 1.61 and a debt-to-equity ratio of 0.56. Costamare has a 52-week low of $11.24 and a 52-week high of $18.06.

Costamare (NYSE:CMRE) last released its quarterly earnings results on Monday, July 27th. The shipping company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.05. Costamare had a net margin of 39.66% and a return on equity of 15.11%. The firm had revenue of $196.24 million during the quarter, compared to the consensus estimate of $193.16 million. Equities analysts predict that Costamare will post 2.53 EPS for the current fiscal year.

Insider Activity

In other news, CFO Grigorios Zikos sold 59,840 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $15.34, for a total value of $917,945.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Costamare

Hedge funds and other institutional investors have recently modified their holdings of the business. Unison Advisors LLC boosted its position in Costamare by 1.7% during the first quarter. Unison Advisors LLC now owns 46,255 shares of the shipping company’s stock worth $782,000 after acquiring an additional 755 shares during the last quarter. Pinnacle Holdings LLC acquired a new stake in Costamare in the 2nd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd raised its holdings in Costamare by 652.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,627 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 2,278 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Costamare in the 2nd quarter valued at about $36,000. Finally, IFP Advisors Inc lifted its stake in Costamare by 1,221.5% in the 2nd quarter. IFP Advisors Inc now owns 2,947 shares of the shipping company’s stock worth $41,000 after purchasing an additional 2,724 shares in the last quarter. 58.08% of the stock is owned by hedge funds and other institutional investors.

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.