StockNews.com Upgrades Costamare (NYSE:CMRE) to “Buy”

Costamare (NYSE:CMRE) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Separately, Citigroup cut their price target on shares of Costamare from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, October 24th.

Costamare Stock Performance

Shares of NYSE:CMRE traded down $0.01 during midday trading on Monday, hitting $9.46. The company’s stock had a trading volume of 253,233 shares, compared to its average volume of 595,289. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 2.58 and a beta of 1.46. The stock’s 50 day simple moving average is $9.31 and its 200 day simple moving average is $9.53. Costamare has a fifty-two week low of $7.71 and a fifty-two week high of $11.85. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 1.57.

Hedge Funds Weigh In On Costamare

Institutional investors and hedge funds have recently made changes to their positions in the company. Unison Advisors LLC boosted its stake in Costamare by 1.2% in the 2nd quarter. Unison Advisors LLC now owns 79,097 shares of the shipping company’s stock worth $765,000 after purchasing an additional 941 shares during the period. LPL Financial LLC boosted its stake in Costamare by 5.4% in the 2nd quarter. LPL Financial LLC now owns 18,543 shares of the shipping company’s stock worth $179,000 after purchasing an additional 954 shares during the period. Summit X LLC lifted its position in Costamare by 0.9% during the 2nd quarter. Summit X LLC now owns 129,135 shares of the shipping company’s stock worth $1,249,000 after buying an additional 1,141 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in Costamare by 0.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 154,416 shares of the shipping company’s stock worth $1,493,000 after buying an additional 1,265 shares in the last quarter. Finally, UBS Group AG lifted its position in Costamare by 7.7% during the 4th quarter. UBS Group AG now owns 21,080 shares of the shipping company’s stock worth $196,000 after buying an additional 1,509 shares in the last quarter. Institutional investors and hedge funds own 22.68% of the company’s stock.

About Costamare

Costamare Inc engages in owning and chartering containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 21, 2023, it had a fleet of fleet of 71 containerships and 45 dry bulk vessels. The company was founded in 1974 and is based in Monaco.