Costamare Inc (CMRE): Are Hedge Funds Right About This Stock?

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Costamare Inc (NYSE:CMRE) was in 6 hedge funds’ portfolio at the end of the fourth quarter of 2012. CMRE has experienced an increase in enthusiasm from smart money lately. There were 4 hedge funds in our database with CMRE holdings at the end of the previous quarter.

To most investors, hedge funds are viewed as unimportant, outdated financial tools of years past. While there are greater than 8000 funds with their doors open at the moment, we choose to focus on the masters of this club, close to 450 funds. It is widely believed that this group oversees the majority of all hedge funds’ total capital, and by paying attention to their best investments, we have come up with a number of investment strategies that have historically outpaced the broader indices. Our small-cap hedge fund strategy outpaced the S&P 500 index by 18 percentage points per year for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have outpaced the S&P 500 index by 24 percentage points in 7 months (explore the details and some picks here).

Just as important, optimistic insider trading activity is another way to break down the investments you’re interested in. Obviously, there are lots of stimuli for an executive to drop shares of his or her company, but just one, very simple reason why they would buy. Several empirical studies have demonstrated the impressive potential of this tactic if you understand what to do (learn more here).

Consequently, let’s take a peek at the recent action encompassing Costamare Inc (NYSE:CMRE).

What have hedge funds been doing with Costamare Inc (NYSE:CMRE)?

Heading into 2013, a total of 6 of the hedge funds we track were long in this stock, a change of 50% from the third quarter. With the smart money’s sentiment swirling, there exists a select group of noteworthy hedge fund managers who were upping their stakes considerably.

Costamare Inc (NYSE:CMRE)According to our comprehensive database, Citadel Investment Group, managed by Ken Griffin, holds the largest position in Costamare Inc (NYSE:CMRE). Citadel Investment Group has a $13.3 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Coming in second is Contrarian Capital, managed by Jon Bauer, which held a $1.1 million position; the fund has 0.5% of its 13F portfolio invested in the stock. Remaining hedgies that hold long positions include John Overdeck and David Siegel’s Two Sigma Advisors, D. E. Shaw’s D E Shaw and Israel Englander’s Millennium Management.

As one would reasonably expect, key hedge funds were breaking ground themselves. Millennium Management, managed by Israel Englander, assembled the biggest position in Costamare Inc (NYSE:CMRE). Millennium Management had 0.3 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also made a $0.2 million investment in the stock during the quarter.

How have insiders been trading Costamare Inc (NYSE:CMRE)?

Insider purchases made by high-level executives is particularly usable when the company we’re looking at has experienced transactions within the past six months. Over the last six-month time frame, Costamare Inc (NYSE:CMRE) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Costamare Inc (NYSE:CMRE). These stocks are Ship Finance International Limited (NYSE:SFL), Seacor Holdings, Inc. (NYSE:CKH), Alexander & Baldwin Holdings Inc (NYSE:MATX), Scorpio Tankers Inc. (NYSE:STNG), and Seaspan Corporation (NYSE:SSW). This group of stocks are in the shipping industry and their market caps match CMRE’s market cap.

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