JPMorgan Chase & Co. upgraded shares of Costamare Inc. (NYSE:CMRE) from a neutral rating to an overweight rating in a research report report published on Wednesday. They currently have $13.00 price target on the stock, up from their previous price target of $12.00.
“The company also announced it refinanced $360 million of bullet payments that were due in Q2 and Q3/2018. While there are still two smaller bullet payments in 2018, the fact that these refinancing were down well ahead of the maturities gives us confidence that the remaining refinancing should be relatively routine.,” JPMorgan Chase & Co.’s analyst wrote.
A number of other research analysts have also issued reports on the stock. Stifel Nicolaus lowered shares of Costamare from a hold rating to a sell rating and cut their price target for the company from $10.00 to $5.00 in a research note on Tuesday, October 4th. Zacks Investment Research upgraded shares of Costamare from a sell rating to a hold rating in a research note on Monday, October 3rd. Barclays PLC cut their price target on shares of Costamare from $11.00 to $10.00 and set an equal weight rating on the stock in a research note on Monday, October 3rd. Credit Suisse Group AG set a $9.00 price target on shares of Costamare and gave the company a hold rating in a research note on Thursday, July 28th. Finally, Morgan Stanley lowered shares of Costamare from an overweight rating to an equal weight rating and cut their price target for the company from $12.00 to $7.50 in a research note on Thursday, June 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Costamare has a consensus rating of Hold and an average target price of $9.55.
Costamare (NYSE:CMRE) opened at 7.42 on Wednesday. The stock has a market cap of $561.67 million, a PE ratio of 4.50 and a beta of 1.66. The company’s 50 day moving average is $8.83 and its 200-day moving average is $9.14. Costamare has a 1-year low of $6.01 and a 1-year high of $15.10.
Costamare (NYSE:CMRE) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm earned $117.90 million during the quarter, compared to analyst estimates of $119.37 million. Costamare had a net margin of 29.87% and a return on equity of 15.03%. Costamare’s revenue was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 EPS. Equities research analysts forecast that Costamare will post $1.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 4th. Stockholders of record on Friday, October 21st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 19th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.39%. Costamare’s payout ratio is currently 70.30%.
A number of hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Costamare by 18.1% in the second quarter. JPMorgan Chase & Co. now owns 143,122 shares of the company’s stock worth $1,098,000 after buying an additional 21,965 shares during the period. Barnett & Company Inc. increased its stake in shares of Costamare by 0.9% in the second quarter. Barnett & Company Inc. now owns 33,750 shares of the company’s stock worth $259,000 after buying an additional 300 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Costamare during the second quarter worth about $253,000. Boston Partners increased its stake in shares of Costamare by 9.8% in the second quarter. Boston Partners now owns 220,173 shares of the company’s stock worth $1,689,000 after buying an additional 19,577 shares during the period. Finally, California Public Employees Retirement System increased its stake in shares of Costamare by 33.4% in the second quarter. California Public Employees Retirement System now owns 83,800 shares of the company’s stock worth $643,000 after buying an additional 21,000 shares during the period. 15.13% of the stock is currently owned by hedge funds and other institutional investors.
Costamare Company Profile
Costamare Inc (Costamare) is an international owner of containerships. The Company provides marine transportation services by chartering its container vessels to liner operators under long, medium and short-term time charters. The Company has a fleet of approximately 70 containerships with a total capacity of over 467,000 20-foot equivalent unit (TEU), including approximately 10 newbuilds on order.
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