Apollo Investment (AINV) – Analysts’ Recent Ratings Updates

A number of research firms have changed their ratings and price targets for Apollo Investment (NASDAQ: AINV):

  • 2/8/2018 – Apollo Investment had its “buy” rating reaffirmed by analysts at SunTrust Banks, Inc.. They now have a $6.50 price target on the stock.
  • 2/8/2018 – Apollo Investment was upgraded by analysts at Wells Fargo & Co from a “market perform” rating to an “outperform” rating. They now have a $6.00 price target on the stock.
  • 2/8/2018 – Apollo Investment had its “neutral” rating reaffirmed by analysts at National Securities. They now have a $6.00 price target on the stock. They wrote, “• Apollo posted NII/share of $0.16, matching our estimate exceeding the quarterly dividend by a penny. We expect this to be the run rate of earnings until fiscal 2H19 when we expect a reduction in funding costs will provide a tailwind for NIM.

    • The company has continued to make progress in rotating into its “core” strategies which include traditional middle market lending to sponsor-backed companies, lender finance, asset-based lending (ABL), and life sciences lending. The company made $198.4 million of investments during the quarter, of which $94.0 million were co-investments across the Apollo platform. Continuing to leverage the Apollo platform will likely win AINV more favorable sponsor investments and using MidCap and other non-middle market based lending strategies should help to offset pricing pressure on the portfolio.

    • Apollo’s three energy investments were all marked up Q/Q as a result of favorable price movements in crude oil. Unrealized losses pertaining to energy investments decreased to $33.3 million from $40.1 million Q/Q. Oil and gas continues to comprise a decent amount of AINV’s portfolio at cost and as of 12/31/17 it was $206.2 million or 8.6% of the portfolio.

    • Subsequent to quarter-end, AINV was repaid on a significant portion of its first lien debt investment in Solarplicity Group Ltd slightly below 12/31/17 fair value marks, which furthers the company’s efforts into rotating into core strategies and should also reduce PIK income significantly. We think this large repayment will drive net portfolio contraction in fiscal 4Q18 before we model net portfolio growth through fiscal 2019.

    • We are revising our fiscal 2018 NII/share estimate to $0.62 from $0.63 and our fiscal 2019 NII/share estimate to $0.66 from $0.67. “
  • 2/7/2018 – Apollo Investment was downgraded by analysts at TheStreet from a “b-” rating to a “c” rating.
  • 2/2/2018 – Apollo Investment was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating.
  • 1/6/2018 – Apollo Investment was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating.
  • 12/21/2017 – Apollo Investment was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating.

Apollo Investment Corp. (NASDAQ:AINV) opened at $5.30 on Monday. The firm has a market capitalization of $1,160.00, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.70 and a beta of 0.88. Apollo Investment Corp. has a 52 week low of $5.30 and a 52 week high of $6.82. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.61 and a current ratio of 0.43.

Apollo Investment (NASDAQ:AINV) last released its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.16 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.16. The business had revenue of $64.75 million during the quarter, compared to analyst estimates of $65.94 million. Apollo Investment had a return on equity of 9.45% and a net margin of 28.18%. The company’s revenue was down 4.9% on a year-over-year basis. During the same quarter last year, the business posted $0.17 EPS. equities research analysts expect that Apollo Investment Corp. will post 0.62 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Tuesday, March 27th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 26th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.32%. Apollo Investment’s payout ratio is currently 176.47%.

Apollo Investment Corporation is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation. It invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments and/or equity in private middle-market companies.

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