Costamare Inc. (NYSE:CMRE) Sees Large Growth in Short Interest

Costamare Inc. (NYSE:CMRE) saw a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 2,620,000 shares, a growth of 5.2% from the August 31st total of 2,490,000 shares. Currently, 6.1% of the company’s stock are sold short. Based on an average daily volume of 520,700 shares, the days-to-cover ratio is presently 5.0 days.

Wall Street Analysts Forecast Growth

CMRE has been the subject of several recent research reports. Jefferies Financial Group increased their price objective on shares of Costamare from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. StockNews.com raised shares of Costamare from a “hold” rating to a “buy” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus boosted their price objective on shares of Costamare from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th.

Institutional Investors Weigh In On Costamare

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

Costamare Price Performance

CMRE opened at $15.42 on Wednesday. The company has a quick ratio of 1.54, a current ratio of 1.61 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average price is $14.08 and its 200 day moving average price is $13.89. Costamare has a fifty-two week low of $8.54 and a fifty-two week high of $17.58. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 5.98 and a beta of 1.37.

Costamare (NYSE:CMRE) last announced its quarterly earnings results on Wednesday, July 31st. The shipping company reported $0.77 earnings per share (EPS) for the quarter, topping 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 business had revenue of $515.42 million for the quarter, compared to the consensus estimate of $380.41 million. As a group, sell-side analysts expect that Costamare will post 3.05 earnings per share for the current year.

Costamare Company Profile