Chimera Investment (NYSE:CIM) Sets New 52-Week Low – Should You Sell?

Chimera Investment Corporation (NYSE:CIM)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock 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.

Analyst Ratings Changes

Several brokerages have recently weighed in on CIM. Wall Street Zen raised shares of Chimera Investment from a “sell” rating to a “hold” rating in a research report on Sunday, June 28th. Weiss Ratings lowered shares of Chimera Investment from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $14.00 price objective on shares of Chimera Investment in a research report on Wednesday, June 3rd. Finally, Keefe, Bruyette & Woods reduced their target price on Chimera Investment from $15.00 to $14.00 and set a “market perform” rating on the stock in a research report on Thursday, August 6th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.50.

Chimera Investment Stock Down 3.4%

The business’s 50 day moving average price is $11.86 and its 200-day moving average price is $12.77. 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 firm has a market capitalization of $901.98 million, a PE ratio of -10.57 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 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.08). The firm had revenue of $94.77 million for the quarter, compared to analysts’ expectations of $95.30 million. Chimera Investment had a net margin of 0.14% and a return on equity of 9.82%.

Chimera Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, September 30th will be issued 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 16.7%. Chimera Investment’s dividend payout ratio is -176.47%.

Hedge Funds Weigh In On Chimera Investment

A number of institutional investors and hedge funds have recently made changes to their positions in CIM. State Street Corp lifted its position in shares of Chimera Investment by 7.8% during 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 buying an additional 147,629 shares during the last quarter. Engineers Gate Manager LP grew its stake in shares of Chimera Investment by 31.1% in the 2nd 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 during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Chimera Investment in the 2nd quarter valued at $46,000. IFP Advisors Inc raised its holdings 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 purchasing an additional 3,586 shares in the last quarter. Finally, Nykredit A S purchased a new position in shares of Chimera Investment during the 2nd quarter worth approximately $29,000. 48.44% of the stock is owned by institutional investors and hedge funds.

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.