Costamare (CMRE) Downgraded to Sell at Zacks Investment Research

Costamare (NYSE:CMRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

According to Zacks, “Costamare Inc. operates as a containership owner chartering its vessels to liner companies. The Company deploys its containership fleet principally under multi-year time charters with leading liner companies that operate regularly scheduled routes between large commercial ports. It also provides a range of shipping services, such as technical support and maintenance, insurance consulting, financial and accounting services. Costamare Inc. is headquartered in Athens, Greece. “

Separately, ValuEngine downgraded shares of Costamare from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $6.83.



NYSE:CMRE traded down $0.05 during trading hours on Thursday, hitting $6.67. 364,104 shares of the company were exchanged, compared to its average volume of 594,157. The company has a market cap of $727.24, a PE ratio of 8.66 and a beta of 1.99. Costamare has a 52-week low of $5.45 and a 52-week high of $8.18. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 0.81.

Costamare (NYSE:CMRE) last released its earnings results on Tuesday, January 23rd. The shipping company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $99.20 million for the quarter, compared to the consensus estimate of $97.52 million. Costamare had a net margin of 17.67% and a return on equity of 7.28%. Costamare’s revenue was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.28 EPS. analysts expect that Costamare will post 0.72 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. American Century Companies Inc. grew its position in Costamare by 382.3% during the 4th quarter. American Century Companies Inc. now owns 158,164 shares of the shipping company’s stock worth $913,000 after purchasing an additional 125,371 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Costamare by 61.2% in the 3rd quarter. Wells Fargo & Company MN now owns 297,867 shares of the shipping company’s stock valued at $1,840,000 after acquiring an additional 113,059 shares during the last quarter. Macquarie Group Ltd. purchased a new stake in shares of Costamare in the 3rd quarter valued at $337,000. Systematic Financial Management LP boosted its holdings in shares of Costamare by 12.1% in the 4th quarter. Systematic Financial Management LP now owns 269,090 shares of the shipping company’s stock valued at $1,553,000 after acquiring an additional 29,010 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Costamare in the 3rd quarter valued at $370,000. 23.58% of the stock is currently owned by institutional investors.

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Costamare Company Profile

Costamare Inc (Costamare) is a holding company. The Company is an international owner of containerships. The Company is engaged in chartering its vessels to various liner companies. The Company provides marine transportation services around the world by chartering its container vessels to liner operators under long, medium and short-term time charters.

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