Solar Capital Ltd. (SLRC) Cut to Sell at Zacks Investment Research
Solar Capital Ltd. (NASDAQ:SLRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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 equities research analysts also recently commented on SLRC. BidaskClub downgraded shares of Solar Capital from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Keefe, Bruyette & Woods set a $23.00 target price on shares of Solar Capital and gave the stock a “hold” rating in a research note on Thursday, August 3rd. Finally, National Securities reiterated a “buy” rating and issued a $24.00 target price on shares of Solar Capital in a research note on Monday, August 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Solar Capital currently has an average rating of “Hold” and an average price target of $22.88.
Shares of Solar Capital (NASDAQ:SLRC) traded up 0.46% during midday trading on Wednesday, reaching $21.71. 21,089 shares of the company’s stock traded hands. Solar Capital has a 12 month low of $19.26 and a 12 month high of $22.94. The stock has a 50 day moving average of $21.26 and a 200-day moving average of $21.81.
Solar Capital (NASDAQ:SLRC) last issued its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.03). Solar Capital had a return on equity of 7.30% and a net margin of 54.87%. The company had revenue of $33.89 million for the quarter, compared to analysts’ expectations of $36.51 million. Equities analysts expect that Solar Capital will post $1.62 earnings per share for the current fiscal year.
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Institutional investors and hedge funds have recently modified their holdings of the stock. Bronfman E.L. Rothschild L.P. bought a new position in Solar Capital in the 2nd quarter worth about $125,000. Global X Management Co. LLC grew its holdings in Solar Capital by 49.7% during the 1st quarter. Global X Management Co. LLC now owns 6,043 shares of the financial services provider’s stock valued at $137,000 after buying an additional 2,005 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Solar Capital during the 2nd quarter valued at about $217,000. Northern Trust Corp grew its holdings in Solar Capital by 11.7% during the 2nd quarter. Northern Trust Corp now owns 10,412 shares of the financial services provider’s stock valued at $228,000 after buying an additional 1,088 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new position in Solar Capital during the 2nd quarter valued at about $261,000. 62.75% of the stock is currently owned by institutional investors and hedge funds.
Solar Capital Company Profile
Solar Capital Ltd. is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. It invests in privately held the United States middle market companies.
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