Chimera Investment (NYSE:CIM) Hits New 52-Week Low – Time to Sell?

Chimera Investment Corporation (NYSE:CIM)’s share price reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $10.82 and last traded at $10.8450, with a volume of 593789 shares trading hands. The stock had previously closed at $11.15.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Chimera Investment from a “sell” rating to a “hold” rating in a research report on Sunday, June 28th. Keefe, Bruyette & Woods cut their target price on shares of Chimera Investment from $15.00 to $14.00 and set a “market perform” rating for the company in a research note on Thursday, August 6th. Royal Bank Of Canada restated a “sector perform” rating and set a $14.00 price target on shares of Chimera Investment in a research report on Wednesday, June 3rd. Finally, Weiss Ratings lowered shares of Chimera Investment from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 18th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.50.

Chimera Investment Trading Down 3.4%

The company has a 50 day moving average of $11.76 and a 200 day moving average of $12.73. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.07 and a current ratio of 0.07. The stock has a market capitalization of $869.33 million, a price-to-earnings ratio of -10.18 and a beta of 1.66.

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

Chimera Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be given a dividend of $0.45 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.80 dividend on an annualized basis and a yield of 17.3%. Chimera Investment’s payout ratio is presently -176.47%.

Institutional Trading of Chimera Investment

A number of hedge funds have recently bought and sold shares of CIM. State Street Corp lifted its stake in Chimera Investment by 7.8% in the 2nd quarter. State Street Corp now owns 2,029,275 shares of the real estate investment trust’s stock worth $27,957,000 after purchasing an additional 147,629 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Chimera Investment by 31.1% in the second quarter. Engineers Gate Manager LP now owns 51,834 shares of the real estate investment trust’s stock valued at $691,000 after purchasing an additional 12,288 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Chimera Investment in the second quarter valued at approximately $46,000. IFP Advisors Inc lifted its position in Chimera Investment by 52.5% during the second quarter. IFP Advisors Inc now owns 10,412 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 3,586 shares in the last quarter. Finally, Nykredit A S purchased a new position in Chimera Investment during the second quarter worth approximately $29,000. Institutional investors and hedge funds own 48.44% of the company’s stock.

About Chimera Investment

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.