Costamare (NYSE:CMRE) Raised to "Buy" at StockNews.com

Costamare (NYSE:CMRE - Get Free Report) was upgraded by equities researchers at StockNews.com from a "hold" rating to a "buy" rating in a note issued to investors on Thursday.

Costamare Stock Performance

NYSE:CMRE traded up $0.19 during mid-day trading on Thursday, reaching $11.37. 355,022 shares of the stock were exchanged, compared to its average volume of 445,860. The stock has a market capitalization of $1.34 billion, a P/E ratio of 3.85 and a beta of 1.38. Costamare has a 1 year low of $7.71 and a 1 year high of $11.85. The company has a 50 day simple moving average of $11.21 and a 200-day simple moving average of $10.34. The company has a quick ratio of 1.59, a current ratio of 1.69 and a debt-to-equity ratio of 0.83.

Costamare (NYSE:CMRE - Get Free Report) last announced its earnings results on Wednesday, February 7th. The shipping company reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.06. Costamare had a net margin of 25.26% and a return on equity of 11.37%. The business had revenue of $494.85 million for the quarter, compared to analyst estimates of $419.00 million. During the same period last year, the firm posted $0.61 earnings per share. Analysts anticipate that Costamare will post 2.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Costamare

Large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in Costamare by 99.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,031 shares of the shipping company's stock valued at $23,529,000 after purchasing an additional 689,704 shares during the period. Penserra Capital Management LLC purchased a new stake in shares of Costamare in the first quarter valued at approximately $3,661,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Costamare by 1,282.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 214,428 shares of the shipping company's stock worth $2,063,000 after acquiring an additional 198,922 shares during the period. Nuveen Asset Management LLC raised its position in Costamare by 131.8% in the second quarter. Nuveen Asset Management LLC now owns 325,538 shares of the shipping company's stock worth $3,148,000 after acquiring an additional 185,126 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its position in Costamare by 16.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,313,829 shares of the shipping company's stock worth $13,677,000 after acquiring an additional 183,193 shares in the last quarter. Hedge funds and other institutional investors own 58.08% of the company's stock.

About Costamare

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.

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