Brokerage firm Morgan Stanley Downgrades its rating on Costamare Inc(NYSE:CMRE). In a research note issued to the investors, the brokerage major Lowers the price-target to $7.50 per share. The shares have been rated Equal-weight. Previously, the analysts had a Overweight rating on the shares. The rating by Morgan Stanley was issued on Jun 30, 2016.
Costamare Inc (CMRE) shares turned negative on Tuesdays trading session with the shares closing down -0.71 points or -9.27% at a volume of 7,48,501. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $7.64. The peak price level was also seen at $7.64 while the days lowest was $6.88. Finally the shares closed at $6.95. The 52-week high of the shares is $18.93 while the 52-week low is $6.01. According to the latest information available, the market cap of the company is $524 M.
Costamare Inc(CMRE) last announced its earnings results on Apr 20, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $120.27M. Analysts had an estimated revenue of $120.63M. Earnings per share were $0.45. Analysts had estimated an EPS of $0.39.
Costamare Inc. (Costamare) is an international owner of containerships. The Company provides worldwide marine transportation services by chartering its container vessels to the liner operators under long medium and short-term time charters. As of February 27 2015 the Company had a fleet of 68 containerships with a total capacity in excess of 447000 twenty foot equivalent unit (TEU) including nine new builds on order. The Company’s containerships operate primarily under long-term fixed-rate time charters. The Company’s fleet of vessels includes COSCO GUANGZHOU COSCO NINGBO COSCO YANTIAN VANTAGE MSC MANDRAKI and ZIM NEW YORK among others. As of February 27 2015 the average (weighted by TEU capacity) remaining time-charter duration for its fleet of 68 containerships was approximately 4.5 years based on the remaining fixed terms and assuming the exercise of any owner’s options and the non-exercise of any charterer’s options under its containerships’ charters.