Solar Capital (NASDAQ:SLRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
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 analysts have also recently issued reports on the company. BidaskClub upgraded Solar Capital from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 27th. Oppenheimer began coverage on Solar Capital in a research report on Wednesday, November 28th. They issued a “buy” rating and a $23.00 price objective for the company. National Securities reiterated a “buy” rating and issued a $25.00 price objective on shares of Solar Capital in a research report on Tuesday, November 6th. ValuEngine cut Solar Capital from a “hold” rating to a “sell” rating in a research report on Monday, October 8th. Finally, Wells Fargo & Co cut Solar Capital from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 4th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Solar Capital has an average rating of “Buy” and a consensus target price of $23.50.
NASDAQ:SLRC opened at $20.02 on Thursday. The firm has a market capitalization of $830.85 million, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 2.18 and a beta of 0.69. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.01 and a quick ratio of 1.01. Solar Capital has a 1 year low of $18.45 and a 1 year high of $22.00.
Solar Capital (NASDAQ:SLRC) last released its quarterly earnings data on Monday, November 5th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.03). The business had revenue of $37.01 million during the quarter, compared to analysts’ expectations of $39.59 million. Solar Capital had a return on equity of 8.12% and a net margin of 48.83%. As a group, sell-side analysts anticipate that Solar Capital will post 1.77 EPS for the current year.
In other news, Director Steven Hochberg purchased 5,000 shares of the company’s stock in a transaction dated Friday, December 14th. The stock was acquired at an average price of $20.35 per share, for a total transaction of $101,750.00. Following the completion of the transaction, the director now directly owns 25,000 shares in the company, valued at approximately $508,750. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 5.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Coe Capital Management LLC raised its position in Solar Capital by 6.6% during the third quarter. Coe Capital Management LLC now owns 47,120 shares of the financial services provider’s stock valued at $1,007,000 after buying an additional 2,900 shares during the period. Aristotle Capital Boston LLC grew its stake in Solar Capital by 4.4% in the third quarter. Aristotle Capital Boston LLC now owns 542,230 shares of the financial services provider’s stock valued at $11,593,000 after purchasing an additional 22,981 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Solar Capital by 14.7% in the third quarter. JPMorgan Chase & Co. now owns 826,552 shares of the financial services provider’s stock valued at $17,672,000 after purchasing an additional 106,198 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Solar Capital in the third quarter valued at about $274,000. Finally, Resource America Inc. grew its stake in Solar Capital by 36.5% in the third quarter. Resource America Inc. now owns 180,197 shares of the financial services provider’s stock valued at $3,853,000 after purchasing an additional 48,146 shares in the last quarter. Institutional investors and hedge funds own 59.14% of the company’s stock.
About Solar Capital
Solar Capital Ltd. is a business development company specializing in secured debt (first lien unitranche and second lien), subordinated (unsecured) debt, minority equity, and strategic income-oriented control equity investments in leveraged middle market companies. The fund invests in aerospace and defense; air freight & logistics; asset management; automotive; banking; beverage, food and tobacco; building products; buildings and real estate; broadcasting and entertainment; cargo transport; commercial services and supplies; communications equipment; chemicals, plastics and rubber; containers, packaging and glass; construction & engineering; diversified/conglomerate manufacturing; consumer Finance; distributors; diversified/conglomerate services; diversified financial services; diversified real estate sctivities; food products; Footwear; Education Services; diversified telecommunications services; electronics; farming and agriculture; finance; grocery; health care equipment and supplies; health care facilities; education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; restaurants, leisure, amusement, and entertainment; leisure equipment tolls and services, media, multiline retail, multi sector holdings; paper and forest products; personal products; professional services, research and consulting services, software; specialty retail; textiles apparel and luxury goods, thrifts and mortgage finance, trading companies and distributors, utilities, and wireless telecommunication services; industrial conglomerates; internet software and services, IT services, machinery; mining, steel, iron, and non precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities.
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