Zacks Research Upgrades Costamare (NYSE:CMRE) to Strong-Buy

Key Points

• Zacks Research has upgraded Costamare (NYSE:CMRE) from a "strong sell" rating to a "strong-buy" rating, signaling increased confidence in the company's prospects.
• Costamare reported quarterly earnings of $0.77 EPS, exceeding analysts' expectations of $0.48, with revenues of $211.20 million, slightly above estimates.
• Institutional investors own 58.08% of Costamare's stock, with significant stakes acquired recently by hedge funds like Nuveen LLC and JPMorgan Chase & Co.

Costamare (NYSE:CMRE - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Costamare Price Performance

Shares of NYSE CMRE opened at $12.40 on Monday. The company has a market capitalization of $1.49 billion, a PE ratio of 5.25 and a beta of 1.29. The company has a quick ratio of 1.64, a current ratio of 1.68 and a debt-to-equity ratio of 0.65. The stock's 50 day moving average price is $11.13 and its 200-day moving average price is $9.85. Costamare has a twelve month low of $6.63 and a twelve month high of $15.96.

Costamare (NYSE:CMRE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The shipping company reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.29. Costamare had a return on equity of 13.67% and a net margin of 17.10%.The business had revenue of $211.20 million for the quarter, compared to analyst estimates of $209.72 million. During the same period last year, the company posted $0.76 earnings per share. On average, equities analysts anticipate that Costamare will post 2.52 EPS for the current year.

Institutional Trading of Costamare

Several hedge funds have recently added to or reduced their stakes in the stock. Nuveen LLC bought a new position in shares of Costamare during the 1st quarter valued at approximately $99,482,000. Kingstone Capital Partners Texas LLC bought a new stake in shares of Costamare in the 2nd quarter worth approximately $26,767,000. Millennium Management LLC bought a new position in Costamare during the first quarter valued at $6,075,000. Marshall Wace LLP grew its holdings in Costamare by 527.7% during the second quarter. Marshall Wace LLP now owns 703,932 shares of the shipping company's stock valued at $6,413,000 after purchasing an additional 591,785 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Costamare by 81.5% in the second quarter. JPMorgan Chase & Co. now owns 1,030,194 shares of the shipping company's stock worth $9,385,000 after buying an additional 462,582 shares during the last quarter. Institutional investors own 58.08% of the company's stock.

Costamare Company Profile

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