Costamare Inc. (NYSE: CMRE) Is Getting Increasingly Hard To Ignore


Dimensional Fund Advisors LP recently announced the acquisition of new stake in Costamare Inc. (NYSE:CMRE). The institutional investor has increased its shareholding in the Industrials company by 4.19% to 5.52 million shares with purchase of 0.22 million shares. This fresh investment now brings its stake to 4.61% valued currently at $25.12 million. In addition, Cape Ann Asset Management Ltd. raised its holdings by 0.4 million to 3.1 million shares. And SSgA Funds Management, Inc. has lifted its position by 117.59% or 1.16 million shares – to 2.15 million shares.

With over 1.81 million Costamare Inc. (CMRE) shares trading Tuesday and a closing price of $4.90 on the day, the dollar volume was approximately $8.88 million. The shares have shown a negative weekly performance of -4.67% and its price on 08/25/20 lost nearly -2.58%. Currently, there are 120.32M common shares owned by the public and among those 50.72M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for CMRE have a consensus price objective of $7.33. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $4.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Costamare Inc. stock is 2.70 for the next 12 months. The average price target is 18.33% above its last price level and an upside to the estimated low will see the stock lose -22.5% over that period. But an upside of 51.0% will see the stock hit the forecast high price target while mean target price for the stock is $8.00.

The top 3 mutual fund holders in Costamare Inc. are DFA US Small Cap Value Portfolio, iShares Russell 2000 ETF, and Capitol Series Trust – Fuller & T. DFA US Small Cap Value Portfolio owns 1.6 million shares of the company’s stock, all valued at over $7.27 million. The company bought an additional 0.19 million shares recently to bring their total holdings to about 1.34% of the shares outstanding. iShares Russell 2000 ETF sold -0.11 million shares to see its total holdings shrink to 1.02 million shares valued at over $4.65 million and representing 0.85% of the shares outstanding. Capitol Series Trust – Fuller & T now owns shares totaling to 0.65% of the shares outstanding.

Shares of Costamare Inc. (NYSE: CMRE) opened at $5.06, up $0.03 from a prior closing price of $5.03. However, the script later closed the day at $4.90, down -2.58%. The company’s stock has a 5-day price change of -4.67% and -3.92% over the past three months. CMRE shares are trading -48.58% year to date (YTD), with the 12-month market performance down to -14.34% lower. It has a 12-month low price of $3.16 and touched a high of $10.85 over the same period. Currently, 1.81 million shares have been traded, compared to an average intraday trading volume of 710.75K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.65%, -3.48%, and -22.48% respectively.

Institutional ownership of Costamare Inc. (NYSE: CMRE) shares accounts for 28.00% of the company’s 120.32M shares outstanding. Mutual fund holders own 11.04%, while other institutional holders and individual stakeholders account for 16.78% and — respectively.

It has a market capitalization of $606.96M and a beta (3y monthly) value of 1.98. The earnings-per-share (ttm) stands at -$0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.25% over the week and 4.96% over the month.

Analysts forecast that Costamare Inc. (CMRE) will achieve an EPS of $0.2 for the current quarter, $0.23 for the next quarter and $1.06 for 2021. The lowest estimate earnings-per-share for the quarter is $0.15 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was $0.26 a year ago. Earnings per share for the fiscal year are expected to increase by 75.80%, and 9.09% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Costamare Inc. (CMRE) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 2 rated it as a “Sell.”

Looking at the support for the CMRE, a number of firms have released research notes about the stock. Stifel stated their Buy rating for the stock in a research note on July 22, 2020, with the firm’s price target at $6.50-$8. Citigroup coverage for the Costamare Inc. (CMRE) stock in a research note released on November 01, 2019 offered a Sell rating with a price target of $7.50. Wells Fargo was of a view on September 28, 2018 that the stock is Market Perform, while Credit Suisse gave the stock Neutral rating on May 01, 2017, issuing a price target of. Wells Fargo on their part issued Outperform rating on February 13, 2017.


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