Costamare (NYSE:CMRE) Trading Down 2.7% – What’s Next?

Costamare Inc. (NYSE:CMRE)’s share price fell 2.7% on Friday . The company traded as low as $14.88 and last traded at $15.02. 96,802 shares traded hands during trading, a decline of 81% from the average session volume of 514,188 shares. The stock had previously closed at $15.43.

Wall Street Analyst Weigh In

Several brokerages recently commented on CMRE. Stifel Nicolaus upped their target price on Costamare from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. StockNews.com raised Costamare from a “hold” rating to a “buy” rating in a research note on Friday, August 23rd. Finally, Jefferies Financial Group raised their price objective on shares of Costamare from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st.

Costamare Price Performance

The business has a 50-day moving average of $14.12 and a 200 day moving average of $13.91. The company has a current ratio of 1.61, a quick ratio of 1.54 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $1.74 billion, a P/E ratio of 5.72 and a beta of 1.37.

Costamare (NYSE:CMRE) last released its quarterly earnings data on Wednesday, July 31st. The shipping company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.72 by $0.05. Costamare had a return on equity of 13.63% and a net margin of 19.63%. The firm had revenue of $515.42 million during the quarter, compared to the consensus estimate of $380.41 million. On average, sell-side analysts predict that Costamare Inc. will post 3.05 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Monday, October 21st will be issued a $0.115 dividend. The ex-dividend date is Monday, October 21st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 3.11%. Costamare’s dividend payout ratio is presently 17.83%.

Hedge Funds Weigh In On Costamare

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC boosted its position in shares of Costamare by 1,322.0% during the second quarter. Acadian Asset Management LLC now owns 1,469,697 shares of the shipping company’s stock valued at $24,119,000 after buying an additional 1,366,344 shares during the last quarter. Federated Hermes Inc. lifted its stake in Costamare by 25,731.0% during the 2nd quarter. Federated Hermes Inc. now owns 401,414 shares of the shipping company’s stock valued at $6,595,000 after acquiring an additional 399,860 shares in the last quarter. Marshall Wace LLP boosted its holdings in Costamare by 985.5% during the 2nd quarter. Marshall Wace LLP now owns 357,557 shares of the shipping company’s stock worth $5,875,000 after acquiring an additional 324,618 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of Costamare by 20.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,583,997 shares of the shipping company’s stock worth $17,978,000 after acquiring an additional 270,168 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Costamare by 62.9% in the second quarter. American Century Companies Inc. now owns 621,764 shares of the shipping company’s stock valued at $10,216,000 after purchasing an additional 239,970 shares during the last quarter. Institutional investors and hedge funds own 58.08% of the company’s stock.

Costamare Company Profile