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.
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