Costamare (NYSE:CMRE) Downgraded to “Hold” Rating by Zacks Research

Costamare (NYSE:CMRE) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Costamare in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $13.00.

Costamare Stock Performance

NYSE CMRE opened at $11.44 on Tuesday. Costamare has a 52-week low of $6.63 and a 52-week high of $14.85. The company has a 50-day simple moving average of $11.80 and a 200 day simple moving average of $10.08. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.64 and a current ratio of 1.68. The company has a market capitalization of $1.38 billion, a PE ratio of 4.85 and a beta of 1.38.

Costamare (NYSE:CMRE) last issued its earnings results on Thursday, July 31st. The shipping company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.29. The firm had revenue of $211.20 million during the quarter, compared to analyst estimates of $209.72 million. Costamare had a net margin of 17.10% and a return on equity of 13.67%. During the same quarter last year, the business earned $0.76 earnings per share. On average, research analysts predict that Costamare will post 2.52 EPS for the current year.

Hedge Funds Weigh In On Costamare

A number of large investors have recently modified their holdings of the company. Nuveen LLC bought a new position in shares of Costamare in the first quarter valued at approximately $99,482,000. Kingstone Capital Partners Texas LLC bought a new position in shares of Costamare in the second quarter valued at approximately $26,767,000. American Century Companies Inc. boosted its position in shares of Costamare by 10.5% in the second quarter. American Century Companies Inc. now owns 1,322,039 shares of the shipping company’s stock valued at $12,044,000 after acquiring an additional 125,533 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Costamare by 81.5% in the second quarter. JPMorgan Chase & Co. now owns 1,030,194 shares of the shipping company’s stock valued at $9,385,000 after acquiring an additional 462,582 shares during the period. Finally, Denali Advisors LLC boosted its position in shares of Costamare by 30.2% in the second quarter. Denali Advisors LLC now owns 722,656 shares of the shipping company’s stock valued at $6,583,000 after acquiring an additional 167,583 shares during the period. 58.08% of the stock is currently owned by institutional investors.

Costamare Company Profile