Costamare Inc (CMRE) is Downgraded by Morgan Stanley to Equal-Weight

Costamare Inc (CMRE) was Downgraded by Morgan Stanley to ” Equal-Weight”. Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Jun 30, 2016.

On the company’s financial health, Costamare Inc reported $0.45 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $0.41. The company had revenue of $120.27 million for the quarter, compared to analysts expectations of $119.75 million. The company’s revenue was down -.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.38 EPS.

Costamare Inc closed down -0.05 points or -0.55% at $9.03 with 4,01,305 shares getting traded on Wednesday. Post opening the session at $9.11, the shares hit an intraday low of $8.87 and an intraday high of $9.15 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

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.

Costamare Inc

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