Costamare (NYSE:CMRE) Downgraded by StockNews.com to Hold

Posted by on Jun 20th, 2023

Costamare (NYSE:CMRE – Get Rating) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Separately, Jefferies Financial Group downgraded Costamare from a “buy” rating to a “hold” rating and dropped their target price for the company from $15.00 to $10.00 in a research report on Monday, April 24th.

Costamare Stock Performance

CMRE opened at $9.21 on Tuesday. The firm has a market cap of $1.13 billion, a P/E ratio of 2.05 and a beta of 1.38. Costamare has a 52-week low of $7.71 and a 52-week high of $12.63. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.09 and a current ratio of 2.17. The business’s fifty day moving average is $8.84 and its 200-day moving average is $9.35.

Costamare (NYSE:CMRE – Get Rating) last announced its quarterly earnings data on Monday, May 15th. The shipping company reported $0.38 earnings per share for the quarter, hitting the consensus estimate of $0.38. Costamare had a return on equity of 17.47% and a net margin of 53.06%. The business had revenue of $248.77 million during the quarter, compared to the consensus estimate of $227.06 million. Sell-side analysts expect that Costamare will post 2.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Costamare

Several large investors have recently added to or reduced their stakes in the business. Unison Advisors LLC grew its stake in Costamare by 1.5% in the first quarter. Unison Advisors LLC now owns 78,156 shares of the shipping company’s stock valued at $735,000 after acquiring an additional 1,148 shares during the period. SummerHaven Investment Management LLC boosted its position in shares of Costamare by 1.6% during the fourth quarter. SummerHaven Investment Management LLC now owns 72,392 shares of the shipping company’s stock valued at $672,000 after buying an additional 1,162 shares during the last quarter. UBS Group AG boosted its position in shares of Costamare by 7.7% during the fourth quarter. UBS Group AG now owns 21,080 shares of the shipping company’s stock valued at $196,000 after buying an additional 1,509 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Costamare by 2.3% during the first quarter. Rhumbline Advisers now owns 82,406 shares of the shipping company’s stock valued at $775,000 after buying an additional 1,825 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Costamare by 18.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,904 shares of the shipping company’s stock valued at $203,000 after buying an additional 1,883 shares during the last quarter. Institutional investors and hedge funds own 22.68% of the company’s stock.

About Costamare

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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.

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