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COSTAMARE INC/SH (NYSE:CMRE) Cut to "Hold" at Zacks Investment Research

Last updated on Tuesday, June 30th, 2020 by MarketBeat

COSTAMARE INC/SH (NYSE:CMRE) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday, Zacks.com reports.

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, TheStreet raised shares of COSTAMARE INC/SH from a "c" rating to a "b-" rating in a research note on Friday.

CMRE traded up $0.23 during trading on Tuesday, hitting $5.59. The stock had a trading volume of 828,600 shares, compared to its average volume of 876,542. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.83 and a current ratio of 0.87. The firm has a market capitalization of $662.36 million, a P/E ratio of 6.43 and a beta of 2.08. The company's 50-day moving average price is $4.91 and its 200 day moving average price is $6.45. COSTAMARE INC/SH has a twelve month low of $3.16 and a twelve month high of $10.85.

COSTAMARE INC/SH (NYSE:CMRE) last announced its quarterly earnings data on Wednesday, April 29th. The shipping company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. The company had revenue of $121.00 million for the quarter, compared to analysts' expectations of $123.80 million. COSTAMARE INC/SH had a net margin of 27.42% and a return on equity of 11.36%. COSTAMARE INC/SH's revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. As a group, equities analysts expect that COSTAMARE INC/SH will post 0.97 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of CMRE. State Street Corp grew its stake in COSTAMARE INC/SH by 6.4% in the 4th quarter. State Street Corp now owns 908,810 shares of the shipping company's stock valued at $8,661,000 after acquiring an additional 55,037 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in COSTAMARE INC/SH by 9.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 651,542 shares of the shipping company's stock valued at $6,210,000 after purchasing an additional 58,441 shares in the last quarter. Bank of Montreal Can lifted its holdings in COSTAMARE INC/SH by 53.4% in the 4th quarter. Bank of Montreal Can now owns 6,603 shares of the shipping company's stock valued at $63,000 after purchasing an additional 2,298 shares in the last quarter. Martingale Asset Management L P purchased a new position in shares of COSTAMARE INC/SH during the 4th quarter worth about $497,000. Finally, Barclays PLC lifted its holdings in shares of COSTAMARE INC/SH by 110.9% during the 4th quarter. Barclays PLC now owns 52,635 shares of the shipping company's stock worth $501,000 after acquiring an additional 27,676 shares during the period. 27.87% of the stock is currently owned by hedge funds and other institutional investors.

COSTAMARE INC/SH Company Profile

Costamare Inc owns and charters containerships to liner companies worldwide. As of February 27, 2019, it had a fleet of 78 containerships with a total capacity of approximately 548,000 twenty foot equivalent unit (TEU), including 73 vessels in the water, aggregating approximately 484,000 TEU; and 5 new build vessels of 64,000 TEU.

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