Capital Product Partners (CPLP) Reaches New 12-Month Low at $2.62

Capital Product Partners L.P. (NASDAQ:CPLP) reached a new 52-week low during trading on Tuesday . The company traded as low as $2.62 and last traded at $2.66, with a volume of 2662 shares trading hands. The stock had previously closed at $2.65.

A number of research firms recently commented on CPLP. BidaskClub lowered Capital Product Partners from a “sell” rating to a “strong sell” rating in a research report on Friday, August 10th. Janney Montgomery Scott lowered Capital Product Partners from a “buy” rating to a “neutral” rating and lowered their price target for the company from $4.50 to $3.50 in a research report on Wednesday, August 29th. Zacks Investment Research lowered Capital Product Partners from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Finally, ValuEngine raised Capital Product Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $4.25.

The stock has a market cap of $347.56 million, a PE ratio of 10.56 and a beta of 1.24. The company has a quick ratio of 0.38, a current ratio of 0.46 and a debt-to-equity ratio of 0.46.

Capital Product Partners (NASDAQ:CPLP) last announced its earnings results on Friday, July 27th. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). Capital Product Partners had a net margin of 8.86% and a return on equity of 2.90%. The business had revenue of $65.54 million for the quarter, compared to analysts’ expectations of $59.82 million. As a group, analysts predict that Capital Product Partners L.P. will post 0.12 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Monday, November 5th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 12.12%. The ex-dividend date of this dividend is Friday, November 2nd. Capital Product Partners’s dividend payout ratio is presently 128.00%.

Institutional investors have recently made changes to their positions in the company. Goodman Financial Corp increased its position in shares of Capital Product Partners by 12.5% during the 2nd quarter. Goodman Financial Corp now owns 926,840 shares of the shipping company’s stock valued at $2,836,000 after purchasing an additional 102,795 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Capital Product Partners during the 2nd quarter valued at $2,259,000. Van ECK Associates Corp increased its position in shares of Capital Product Partners by 10.9% during the 2nd quarter. Van ECK Associates Corp now owns 967,745 shares of the shipping company’s stock valued at $2,961,000 after purchasing an additional 94,930 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Capital Product Partners during the 2nd quarter valued at $174,000. Finally, Eagle Boston Investment Management Inc. increased its position in shares of Capital Product Partners by 7.8% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 549,425 shares of the shipping company’s stock valued at $1,681,000 after purchasing an additional 39,980 shares during the last quarter. 17.89% of the stock is owned by hedge funds and other institutional investors.

Capital Product Partners Company Profile (NASDAQ:CPLP)

Capital Product Partners L.P., a shipping company, provides marine transportation services in Greece. It transports a range of cargoes, including crude oil; refined oil products, such as gasoline, diesel, fuel oil and jet fuel; edible oils; chemicals, such as ethanol; and dry cargo and containerized goods under short-term voyage charters, and medium to long-term time and bareboat charters.

Further Reading: What are Institutional Investors?

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