CIM Commercial Trust (NASDAQ:CMCT) Raised to Buy at Zacks Investment Research

CIM Commercial Trust (NASDAQ:CMCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $7.75 price objective on the real estate investment trust’s stock. Zacks Investment Research’s target price would suggest a potential upside of 7.94% from the stock’s previous close.

According to Zacks, “CIM Commercial Trust Corporation is a real estate investment trust which principally acquires, owns, and operates Class A and creative office investments located primarily in Los Angeles and the San Francisco Bay Area. CIM Commercial Trust Corporation is operated by CIM Group, a vertically integrated, owner and operator of real assets with multi-disciplinary which includes in-house research, acquisition, credit analysis, development, finance, leasing and property management capabilities and its affiliates. CIM Commercial Trust Corporation is based in Dallas, United States. “

Separately, B. Riley initiated coverage on CIM Commercial Trust in a research report on Wednesday, October 20th. They issued a “buy” rating and a $13.00 price target for the company.

NASDAQ CMCT traded up $0.23 on Tuesday, reaching $7.18. The stock had a trading volume of 19,570 shares, compared to its average volume of 73,598. The business has a 50 day moving average price of $7.81 and a 200 day moving average price of $8.07. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 2.92. CIM Commercial Trust has a 1 year low of $6.50 and a 1 year high of $17.29. The company has a market capitalization of $167.79 million, a price-to-earnings ratio of -4.57 and a beta of 0.57.

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CIM Commercial Trust (NASDAQ:CMCT) last issued its earnings results on Tuesday, November 9th. The real estate investment trust reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.04. CIM Commercial Trust had a negative return on equity of 13.08% and a negative net margin of 7.06%. On average, analysts anticipate that CIM Commercial Trust will post -0.04 earnings per share for the current fiscal year.

In other CIM Commercial Trust news, major shareholder Cim Capital, Llc acquired 180,871 shares of the business’s stock in a transaction that occurred on Tuesday, November 9th. The stock was acquired at an average price of $25.00 per share, with a total value of $4,521,775.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Avraham Shemesh purchased 11,965 shares of the business’s stock in a transaction on Wednesday, September 22nd. The stock was purchased at an average cost of $7.66 per share, with a total value of $91,651.90. The disclosure for this purchase can be found here. Insiders acquired 295,638 shares of company stock valued at $5,509,338 in the last ninety days. Insiders own 41.20% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of CIM Commercial Trust by 98.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,532 shares of the real estate investment trust’s stock valued at $300,000 after purchasing an additional 16,650 shares during the period. Asset Management One Co. Ltd. grew its stake in shares of CIM Commercial Trust by 134.6% in the 2nd quarter. Asset Management One Co. Ltd. now owns 46,317 shares of the real estate investment trust’s stock valued at $414,000 after purchasing an additional 26,573 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of CIM Commercial Trust by 88.3% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 6,594 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 3,092 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in shares of CIM Commercial Trust in the 2nd quarter valued at approximately $147,000. Finally, Daiwa Securities Group Inc. grew its stake in shares of CIM Commercial Trust by 142.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 5,951 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 3,500 shares during the period. 65.20% of the stock is owned by hedge funds and other institutional investors.

About CIM Commercial Trust

CIM Commercial Trust Corp. engages in the acquisition, ownership, and operation of Class A and office assets. It operates through the following segments: Office, Hotel, and Lending. The Office segment consists of rental of office space and other tenant services, including tenant reimbursements, parking, and storage space rental.

See Also: Balanced Fund

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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