Zacks Investment Research downgraded shares of Solar Capital (NASDAQ:SLRC) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “Solar Capital Ltd. is a closed-end investment company that invests primarily in leveraged companies, including middle market companies, in the form of senior secured loans, mezzanine loans, and equity securities. “
Several other research firms also recently commented on SLRC. BidaskClub downgraded shares of Solar Capital from a hold rating to a sell rating in a research note on Wednesday, July 11th. ValuEngine cut shares of Solar Capital from a hold rating to a sell rating in a research report on Monday, July 2nd. Finally, National Securities reaffirmed a buy rating and set a $25.00 price objective on shares of Solar Capital in a research report on Thursday, August 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $23.67.
Solar Capital (NASDAQ:SLRC) last released its quarterly earnings results on Monday, August 6th. The financial services provider reported $0.45 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.01). Solar Capital had a net margin of 48.51% and a return on equity of 8.01%. The business had revenue of $39.19 million during the quarter, compared to analyst estimates of $38.17 million. analysts predict that Solar Capital will post 1.8 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 2nd. Investors of record on Thursday, September 20th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Wednesday, September 19th. This represents a $1.64 annualized dividend and a yield of 7.54%. Solar Capital’s dividend payout ratio is 101.23%.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. California Public Employees Retirement System bought a new stake in Solar Capital during the second quarter worth about $356,000. Millennium Management LLC lifted its position in Solar Capital by 124.7% in the second quarter. Millennium Management LLC now owns 271,282 shares of the financial services provider’s stock valued at $5,545,000 after purchasing an additional 150,538 shares during the period. Van ECK Associates Corp lifted its position in Solar Capital by 10.8% in the second quarter. Van ECK Associates Corp now owns 238,734 shares of the financial services provider’s stock valued at $4,880,000 after purchasing an additional 23,259 shares during the period. United Services Automobile Association lifted its position in Solar Capital by 167.0% in the second quarter. United Services Automobile Association now owns 713,108 shares of the financial services provider’s stock valued at $37,809,000 after purchasing an additional 445,980 shares during the period. Finally, Citadel Advisors LLC lifted its position in Solar Capital by 2.5% in the second quarter. Citadel Advisors LLC now owns 131,509 shares of the financial services provider’s stock valued at $2,689,000 after purchasing an additional 3,188 shares during the period. 60.64% of the stock is owned by institutional investors and hedge funds.
Solar Capital Company Profile
Solar Capital Ltd is a business development company that seeks investment opportunities in middle market companies located in the US. The fund targets companies operating in the fields of aerospace & defense, automobile, banking, beverage, food & tobacco, buildings & real estate, broadcasting & entertainment, cargo transport, chemicals, plastics & rubber, containers, packaging & glass, diversified or conglomerate manufacturing, diversified financial services, electronics, farming & agriculture, finance, grocery, healthcare, education & childcare, home, office furnishings & durable consumer products, hotels, motels, inns & gaming, insurance, IT services, leisure, amusement & entertainment, machinery, mining, steel, iron & non-precious metals, personal & nondurable consumer products, personal, food &services, personal transportation, professional services, retail stores, software, telecommunications, textiles and leather, and utilities.
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