Castle Convertible Fund is an AMEX listed security that has been trading in a range between $22.57 and $33.00 over the past year. With 2,236,000 shares outstanding, a recent price of $26.14 gives a total market capitalization of $58,449,039. While there are certainly larger companies, Castle Convertible Fund has definitely earned its place in the pack. Last year, Castle Convertible Fund created $2.89 in earnings for every share outstanding.
Castle Convertible Fund is currently priced by the market at 9.10 times last year’s earnings. Many trading multiples around the world are quite attractive these days, but don’t be fooled. A Price to Earnings ratio of 0 simply means that the security didn’t make any money last year.
With a share price under $50 a share and earnings per share in excess of $1 a share, Castle Convertible Fund is unlikely to be an interesting value proposition.
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