Costamare (NYSE:CMRE) Hits New 12-Month Low – Here’s Why

Costamare Inc. (NYSE:CMRE) shares reached a new 52-week low on Friday . The stock traded as low as $10.58 and last traded at $10.72, with a volume of 116061 shares trading hands. The stock had previously closed at $10.72.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CMRE. Jefferies Financial Group reiterated a “hold” rating and issued a $13.00 price target on shares of Costamare in a research note on Wednesday. StockNews.com lowered Costamare from a “buy” rating to a “hold” rating in a research note on Friday, January 31st.

Costamare Stock Performance

The business’s 50-day simple moving average is $12.53 and its two-hundred day simple moving average is $13.57. The company has a quick ratio of 1.56, a current ratio of 1.65 and a debt-to-equity ratio of 0.73. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 3.53 and a beta of 1.31.

Costamare (NYSE:CMRE) last posted its quarterly earnings data on Wednesday, February 5th. The shipping company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03. Costamare had a net margin of 19.11% and a return on equity of 14.28%. As a group, sell-side analysts expect that Costamare Inc. will post 2.74 earnings per share for the current fiscal year.

Costamare Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 6th. Shareholders of record on Tuesday, January 21st were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 4.33%. The ex-dividend date was Tuesday, January 21st. Costamare’s payout ratio is currently 15.28%.

Institutional Investors Weigh In On Costamare

A number of hedge funds have recently added to or reduced their stakes in CMRE. nVerses Capital LLC grew its position in shares of Costamare by 1,700.0% during the third quarter. nVerses Capital LLC now owns 1,800 shares of the shipping company’s stock worth $28,000 after buying an additional 1,700 shares in the last quarter. Gladius Capital Management LP purchased a new position in Costamare in the third quarter worth approximately $35,000. Quarry LP grew its holdings in Costamare by 157.5% during the 3rd quarter. Quarry LP now owns 3,275 shares of the shipping company’s stock worth $51,000 after acquiring an additional 2,003 shares in the last quarter. Blue Trust Inc. increased its position in shares of Costamare by 2,540.4% in the 3rd quarter. Blue Trust Inc. now owns 7,393 shares of the shipping company’s stock valued at $121,000 after purchasing an additional 7,113 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in shares of Costamare in the 4th quarter valued at $130,000. 58.08% of the stock is currently owned by institutional investors and hedge funds.

Costamare Company Profile