Mirae Asset Global Investments Co. Ltd. Buys Shares of 1,905,916 Capital Product Partners L.P. (CPLP)
Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Capital Product Partners L.P. (NASDAQ:CPLP) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,905,916 shares of the shipping company’s stock, valued at approximately $5,298,000. Mirae Asset Global Investments Co. Ltd. owned about 1.47% of Capital Product Partners at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Donald Smith & CO. Inc. purchased a new position in Capital Product Partners in the third quarter worth approximately $6,285,000. JPMorgan Chase & Co. boosted its position in shares of Capital Product Partners by 19.9% during the third quarter. JPMorgan Chase & Co. now owns 1,382,108 shares of the shipping company’s stock worth $3,843,000 after buying an additional 229,516 shares during the period. Aristotle Capital Boston LLC boosted its position in shares of Capital Product Partners by 14.9% during the second quarter. Aristotle Capital Boston LLC now owns 1,174,078 shares of the shipping company’s stock worth $3,593,000 after buying an additional 152,245 shares during the period. Van ECK Associates Corp boosted its position in shares of Capital Product Partners by 10.9% during the second quarter. Van ECK Associates Corp now owns 967,745 shares of the shipping company’s stock worth $2,961,000 after buying an additional 94,930 shares during the period. Finally, Goodman Financial Corp boosted its position in shares of Capital Product Partners by 2.2% during the third quarter. Goodman Financial Corp now owns 947,442 shares of the shipping company’s stock worth $2,634,000 after buying an additional 20,602 shares during the period. 16.82% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently commented on CPLP. ValuEngine lowered Capital Product Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, November 6th. BidaskClub lowered Capital Product Partners from a “hold” rating to a “sell” rating in a research report on Saturday, December 1st. Janney Montgomery Scott lowered Capital Product Partners from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $4.50 to $3.50 in a research report on Wednesday, August 29th. B. Riley assumed coverage on Capital Product Partners in a report on Tuesday. They issued a “buy” rating and a $2.75 target price for the company. Finally, TheStreet lowered Capital Product Partners from a “c” rating to a “d+” rating in a report on Wednesday, October 31st. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $3.75.
Capital Product Partners (NASDAQ:CPLP) last released its earnings results on Wednesday, October 31st. The shipping company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.01). The company had revenue of $58.74 million during the quarter, compared to analysts’ expectations of $57.17 million. Capital Product Partners had a negative net margin of 3.33% and a positive return on equity of 2.61%. Equities research analysts predict that Capital Product Partners L.P. will post 0.13 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Monday, November 5th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, November 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 13.01%. Capital Product Partners’s dividend payout ratio (DPR) is presently 128.00%.
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About Capital Product Partners
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.
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