CMB.TECH (NYSE:CMBT) Shares Down 8.9% – Here’s Why

CMB.TECH nv (NYSE:CMBT) shares traded down 8.9% on Wednesday. The company traded as low as $19.63 and last traded at $18.9370. 646,395 shares were traded during mid-day trading, a decline of 58% from the average session volume of 1,556,089 shares. The stock had previously closed at $20.79.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CMBT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of CMB.TECH in a research note on Tuesday, August 25th. Wall Street Zen upgraded shares of CMB.TECH from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy”.

CMB.TECH Stock Down 8.5%

The firm has a fifty day moving average price of $18.72 and a 200-day moving average price of $16.06. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 6.52 and a beta of 0.23. The company has a quick ratio of 0.97, a current ratio of 1.12 and a debt-to-equity ratio of 1.56.

CMB.TECH (NYSE:CMBT) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $1.26 earnings per share for the quarter. The company had revenue of $703.94 million for the quarter. CMB.TECH had a net margin of 37.19% and a return on equity of 30.02%.

CMB.TECH Announces Dividend

The firm also recently announced a special dividend, which will be paid on Thursday, October 22nd. Investors of record on Friday, October 16th will be issued a dividend of $0.43 per share. The ex-dividend date is Friday, October 16th. CMB.TECH’s payout ratio is presently 12.03%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership acquired a new stake in CMB.TECH in the 1st quarter worth $28,965,000. Fearnley Asset Management AS bought a new position in shares of CMB.TECH during the 4th quarter worth about $10,284,000. Renaissance Technologies LLC raised its position in CMB.TECH by 288.5% in the first quarter. Renaissance Technologies LLC now owns 1,408,300 shares of the company’s stock worth $17,815,000 after purchasing an additional 1,045,800 shares in the last quarter. Encompass Capital Advisors LLC boosted its stake in CMB.TECH by 40.0% in the 1st quarter. Encompass Capital Advisors LLC now owns 3,500,000 shares of the company’s stock valued at $44,275,000 after buying an additional 1,000,693 shares in the last quarter. Finally, Bank of America Corp DE grew its position in CMB.TECH by 526.9% in the first quarter. Bank of America Corp DE now owns 1,072,822 shares of the company’s stock valued at $13,571,000 after acquiring an additional 901,688 shares during the period.

About CMB.TECH

CMB.TECH is a diversified maritime and cleantech company headquartered in Antwerp, Belgium. The company develops, owns and operates commercial vessels and is focused on reducing emissions in shipping through the use of alternative fuels and related technologies, including hydrogen and ammonia.

Its maritime activities include dry bulk carriers, container ships, chemical tankers, offshore wind service vessels and other specialized vessels. CMB.TECH also provides hydrogen and ammonia fuel solutions, including the development of dual-fuel vessels, fuel infrastructure and related applications for the maritime, industrial and transportation sectors.

The company serves international customers and operates across global shipping markets.