Solar Capital (NASDAQ:SLRC) Lowered to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Solar Capital (NASDAQ:SLRC) from a sell rating to a strong sell rating in a research report sent to investors on Saturday, BidAskClub reports.

SLRC has been the subject of several other research reports. Raymond James started coverage on shares of Solar Capital in a report on Tuesday, April 16th. They set an outperform rating and a $22.50 target price for the company. National Securities reaffirmed a buy rating on shares of Model N in a report on Wednesday, May 8th. Finally, Zacks Investment Research raised shares of Garrett Motion from a sell rating to a hold rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Solar Capital presently has an average rating of Hold and an average target price of $22.70.

Shares of Solar Capital stock opened at $20.44 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.64. The business’s fifty day simple moving average is $20.63. Solar Capital has a 1 year low of $18.45 and a 1 year high of $22.00. The stock has a market capitalization of $867.64 million, a PE ratio of 11.55, a PEG ratio of 3.86 and a beta of 0.72.

Solar Capital (NASDAQ:SLRC) last issued its earnings results on Monday, May 6th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. Solar Capital had a net margin of 46.58% and a return on equity of 8.05%. The firm had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $40.30 million. On average, analysts predict that Solar Capital will post 1.78 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Thursday, June 20th were issued a $0.41 dividend. The ex-dividend date was Wednesday, June 19th. This represents a $1.64 dividend on an annualized basis and a yield of 8.02%. Solar Capital’s payout ratio is 92.66%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arlington Partners LLC purchased a new position in Solar Capital in the second quarter valued at $38,000. PNC Financial Services Group Inc. acquired a new stake in shares of Solar Capital in the first quarter valued at about $42,000. Glassman Wealth Services acquired a new stake in shares of Solar Capital in the first quarter valued at about $165,000. Northern Trust Corp grew its position in shares of Solar Capital by 6.3% in the fourth quarter. Northern Trust Corp now owns 10,566 shares of the financial services provider’s stock valued at $202,000 after purchasing an additional 624 shares during the period. Finally, Cetera Advisors LLC acquired a new stake in shares of Solar Capital in the first quarter valued at about $208,000. 58.10% of the stock is owned by institutional investors.

Solar Capital Company Profile

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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