Costamare (NYSE:CMRE) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Costamare to a “Hold” rating, while Weiss Ratings reaffirmed its “Hold (C+)” rating. Analysts’ average view remains “Moderate Buy,” with a consensus price target of $12.00.
• Costamare reported quarterly EPS of $0.62, beating estimates of $0.57, while revenue of $196.24 million also exceeded forecasts. Analysts expect full-year EPS of approximately $2.53.
• The stock opened at $13.98 and has a market capitalization of about $1.69 billion. Insiders own 23.2% of shares, while hedge funds and other institutional investors hold 58.08%; the CFO recently sold nearly $918,000 worth of stock.

Costamare (NYSE:CMRE - Get Free Report) was upgraded by investment analysts at Zacks Research to a "hold" rating in a report released on Tuesday, Zacks reports.

Separately, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Costamare in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Costamare presently has an average rating of "Moderate Buy" and a consensus target price of $12.00.

Costamare Trading Up 1.5%

Shares of NYSE CMRE opened at $13.98 on Tuesday. The stock has a market cap of $1.69 billion, a P/E ratio of 5.32 and a beta of 1.07. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.57 and a current ratio of 1.61. Costamare has a 52-week low of $11.24 and a 52-week high of $18.06. The firm has a 50 day moving average price of $15.02 and a two-hundred day moving average price of $15.59.

Costamare (NYSE:CMRE - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The shipping company reported $0.62 earnings per share (EPS) 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 analyst estimates of $193.16 million. As a group, equities analysts forecast that Costamare will post 2.53 EPS for the current year.

Insider Transactions at Costamare

In other news, CFO Grigorios Zikos sold 59,840 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $15.34, for a total value of $917,945.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 23.20% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Pinnacle Holdings LLC bought a new stake in shares of Costamare in the second quarter worth about $27,000. Integrated Wealth Concepts LLC purchased a new position in Costamare in the second quarter worth about $36,000. Caitong International Asset Management Co. Ltd increased its position in shares of Costamare by 652.7% during 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 purchasing an additional 2,278 shares during the last quarter. IFP Advisors Inc increased its position in Costamare by 1,221.5% during the second quarter. IFP Advisors Inc now owns 2,947 shares of the shipping company's stock valued at $41,000 after acquiring an additional 2,724 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Costamare by 232.4% in the 3rd quarter. GAMMA Investing LLC now owns 5,753 shares of the shipping company's stock worth $85,000 after purchasing an additional 4,022 shares during the period. 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.

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