Costamare (NYSE:CMRE) Downgraded 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 sent to investors on Wednesday morning.

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

Costamare Stock Up 2.3 %

Shares of Costamare stock opened at $11.78 on Wednesday. The company has a quick ratio of 1.59, a current ratio of 1.69 and a debt-to-equity ratio of 0.83. Costamare has a 52-week low of $7.71 and a 52-week high of $11.90. The company has a market capitalization of $1.39 billion, a P/E ratio of 3.99 and a beta of 1.38. The company has a 50 day moving average of $11.26 and a 200 day moving average of $10.48.

Costamare (NYSE:CMRE) last announced its quarterly earnings data on Wednesday, February 7th. The shipping company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. The business had revenue of $494.85 million for the quarter, compared to analyst estimates of $419.00 million. Costamare had a net margin of 25.26% and a return on equity of 11.37%. During the same period last year, the business earned $0.61 EPS. As a group, research analysts forecast that Costamare will post 2.73 EPS for the current fiscal year.

Costamare Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Stockholders of record on Friday, April 19th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Thursday, April 18th. Costamare’s payout ratio is 15.59%.

Institutional Investors Weigh In On Costamare

Institutional investors and hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Costamare by 1,282.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 214,428 shares of the shipping company’s stock worth $2,063,000 after purchasing an additional 198,922 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in Costamare by 16.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,313,829 shares of the shipping company’s stock worth $13,677,000 after buying an additional 183,193 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Costamare by 177.5% during the third quarter. Los Angeles Capital Management LLC now owns 208,277 shares of the shipping company’s stock worth $2,004,000 after buying an additional 133,225 shares during the period. Demars Financial Group LLC purchased a new stake in Costamare in the third quarter valued at approximately $1,106,000. Finally, Dimensional Fund Advisors LP lifted its stake in Costamare by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,069,284 shares of the shipping company’s stock valued at $73,591,000 after buying an additional 107,756 shares during the last quarter. 58.08% of the stock is owned by hedge funds and other institutional investors.

About Costamare

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.