Chimera Investment (NYSE:CIM) Stock Price Down 8.2% After Earnings Miss

Chimera Investment Co. (NYSE:CIM – Get Rating) shares dropped 8.2% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $9.29 and last traded at $9.30. Approximately 62,553 shares changed hands during trading, a decline of 97% from the average daily volume of 1,817,389 shares. The stock had previously closed at $10.13.

The real estate investment trust reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.06). Chimera Investment had a negative net margin of 8.93% and a positive return on equity of 12.47%. The firm had revenue of $116.89 million during the quarter, compared to analysts’ expectations of $131.19 million. During the same quarter last year, the firm earned $0.54 EPS. The business’s revenue for the quarter was down 32.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

CIM has been the topic of a number of recent research reports. Credit Suisse Group lowered their target price on Chimera Investment to $9.50 in a research note on Friday, July 22nd. Barclays decreased their price target on Chimera Investment from $11.00 to $9.00 and set an “underweight” rating for the company in a research note on Monday, July 18th.

Institutional Trading of Chimera Investment

Several large investors have recently made changes to their positions in the stock. Thornburg Investment Management Inc. boosted its stake in shares of Chimera Investment by 0.6% during the 2nd quarter. Thornburg Investment Management Inc. now owns 17,331,693 shares of the real estate investment trust’s stock worth $152,866,000 after acquiring an additional 100,000 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in Chimera Investment by 17.9% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 241,415 shares of the real estate investment trust’s stock valued at $2,129,000 after purchasing an additional 36,619 shares during the period. Envestnet Asset Management Inc. boosted its stake in Chimera Investment by 32.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 345,778 shares of the real estate investment trust’s stock valued at $3,050,000 after purchasing an additional 85,410 shares during the period. Van ECK Associates Corp boosted its stake in Chimera Investment by 11.6% during the 2nd quarter. Van ECK Associates Corp now owns 956,285 shares of the real estate investment trust’s stock valued at $8,434,000 after purchasing an additional 99,742 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in Chimera Investment by 7.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 118,530 shares of the real estate investment trust’s stock valued at $1,045,000 after purchasing an additional 8,601 shares during the period. Institutional investors own 53.05% of the company’s stock.

Chimera Investment Stock Performance

The firm has a 50 day moving average of $9.30 and a two-hundred day moving average of $10.92. The stock has a market cap of $2.20 billion, a P/E ratio of -14.31 and a beta of 1.05. The company has a debt-to-equity ratio of 3.45, a quick ratio of 6.05 and a current ratio of 6.05.

About Chimera Investment

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Chimera Investment Corporation operates as a real estate investment trust (REIT) in the United States. The company, through its subsidiaries, invests in a portfolio of mortgage assets, including residential mortgage loans, agency and non-agency residential mortgage-backed securities, agency mortgage-backed securities secured by pools of residential, commercial mortgage loans, and other real estate related securities.