Chimera Investment (NYSE:CIM) Sets New 52-Week Low - Here's What Happened

Key Points

• Chimera Investment shares hit a new 52-week low, falling 1.9% to about $10.87 during mid-day trading, below its previous close of $11.08.
• Analyst sentiment remains cautious: the stock has an average rating of “Hold” and an average price target of $14.50, though recent targets were lowered to $14.00.
• Chimera’s latest quarterly results missed expectations, with EPS of $0.46 versus the $0.54 consensus and revenue of $94.77 million versus estimates of $95.30 million. Institutional investors own approximately 48.44% of the company.

Chimera Investment Corporation (NYSE:CIM - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $10.86 and last traded at $10.8710, with a volume of 1473346 shares. The stock had previously closed at $11.08.

Analyst Ratings Changes

A number of research firms recently issued reports on CIM. Wall Street Zen raised shares of Chimera Investment from a "sell" rating to a "hold" rating in a research note on Sunday, June 28th. Weiss Ratings upgraded shares of Chimera Investment from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday, August 17th. Royal Bank Of Canada restated a "sector perform" rating and set a $14.00 target price on shares of Chimera Investment in a research report on Wednesday, June 3rd. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Chimera Investment from $15.00 to $14.00 and set a "market perform" rating for the company in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Chimera Investment has an average rating of "Hold" and an average price target of $14.50.

Chimera Investment Trading Down 1.9%

The stock has a market capitalization of $910.01 million, a P/E ratio of -10.66 and a beta of 1.66. The stock's 50 day moving average price is $12.06 and its 200-day moving average price is $12.87. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 2.34.

Chimera Investment (NYSE:CIM - Get Free Report) last announced its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.08). Chimera Investment had a return on equity of 9.82% and a net margin of 0.14%.The firm had revenue of $94.77 million during the quarter, compared to the consensus estimate of $95.30 million.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH lifted its stake in Chimera Investment by 6.9% in the second quarter. Allianz Asset Management GmbH now owns 2,274,507 shares of the real estate investment trust's stock worth $30,342,000 after acquiring an additional 147,119 shares during the last quarter. BlackRock Inc. lifted its holdings in Chimera Investment by 9.5% during the 2nd quarter. BlackRock Inc. now owns 7,855,125 shares of the real estate investment trust's stock worth $104,787,000 after buying an additional 681,996 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Chimera Investment by 20,243.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 145,661 shares of the real estate investment trust's stock worth $1,943,000 after acquiring an additional 144,945 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Chimera Investment during the 1st quarter worth about $1,736,000. Finally, First Trust Advisors LP boosted its position in shares of Chimera Investment by 82.0% during the 1st quarter. First Trust Advisors LP now owns 543,101 shares of the real estate investment trust's stock worth $6,816,000 after acquiring an additional 244,763 shares in the last quarter. 48.44% of the stock is currently owned by hedge funds and other institutional investors.

Chimera Investment Company Profile

Chimera Investment Corporation is a real estate investment trust that invests in residential mortgage assets. The company's portfolio has historically included residential mortgage-backed securities, residential mortgage loans and other mortgage-related investments, including both agency and non-agency assets.

Chimera seeks to generate income from the interest and cash flows associated with its investments. Its activities are primarily focused on the U.S. residential housing and mortgage markets, and the company may invest in assets with different levels of credit and prepayment risk.

Founded in 2007, Chimera is externally managed and has operated as a mortgage-focused REIT.

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