Costamare Inc. $CMRE Stock Sold by CWA Asset Management Group LLC

Key Points

• CWA Asset Management cut its Costamare stake by 70.4% in the third quarter, selling 192,551 shares and retaining 81,005 shares worth approximately $1.19 million. Institutional investors and hedge funds collectively own 58.08% of CMRE.
• Costamare reported quarterly earnings of $0.62 per share, exceeding the $0.57 consensus estimate, while revenue of $196.24 million also topped expectations.
• The company declared a quarterly dividend of $0.125 per share, equivalent to $0.50 annually and a 3.5% yield. Analysts hold a “Moderate Buy” consensus, although the average price target of $12 is below the reported share price of $14.17.

CWA Asset Management Group LLC reduced its stake in Costamare Inc. (NYSE:CMRE - Free Report) by 70.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,005 shares of the shipping company's stock after selling 192,551 shares during the period. CWA Asset Management Group LLC owned 0.07% of Costamare worth $1,190,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CMRE. Counterpoint Mutual Funds LLC acquired a new position in Costamare during the 3rd quarter valued at approximately $938,000. GAMMA Investing LLC grew its stake in Costamare by 232.4% during the 3rd quarter. GAMMA Investing LLC now owns 5,753 shares of the shipping company's stock worth $85,000 after buying an additional 4,022 shares during the last quarter. Engineers Gate Manager LP grew its stake in Costamare by 226.4% during the 2nd quarter. Engineers Gate Manager LP now owns 37,083 shares of the shipping company's stock worth $520,000 after buying an additional 25,723 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Costamare in the second quarter worth $36,000. Finally, IFP Advisors Inc increased its position in Costamare by 1,221.5% in the second quarter. IFP Advisors Inc now owns 2,947 shares of the shipping company's stock worth $41,000 after buying an additional 2,724 shares during the period. 58.08% of the stock is currently owned by institutional investors and hedge funds.

Costamare Stock Performance

Shares of CMRE opened at $14.17 on Friday. The firm has a 50-day moving average price of $15.02 and a 200 day moving average price of $15.57. The firm has a market capitalization of $1.71 billion, a PE ratio of 5.39 and a beta of 1.07. The company has a quick ratio of 1.57, a current ratio of 1.61 and a debt-to-equity ratio of 0.56. Costamare Inc. has a 52-week low of $11.37 and a 52-week high of $18.06.

Costamare (NYSE:CMRE - Get Free Report) last released its earnings results on Monday, July 27th. The shipping company reported $0.62 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $193.16 million. On average, sell-side analysts anticipate that Costamare Inc. will post 2.53 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Tuesday, October 20th will be issued a $0.1250 dividend. The ex-dividend date is Tuesday, October 20th. This represents a $0.50 annualized dividend and a dividend yield of 3.5%. Costamare's dividend payout ratio (DPR) is 19.01%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Costamare in a research note on Tuesday, August 18th. Zacks Research upgraded shares of Costamare to a "hold" rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Costamare presently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

Insider Activity at Costamare

In related news, CFO Grigorios Zikos sold 59,840 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $15.34, for a total transaction of $917,945.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. 23.20% of the stock is owned by corporate insiders.

Costamare Profile

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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