THL Credit (NASDAQ:TCRD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $9.25 target price on the investment management company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.50% from the company’s previous close.
According to Zacks, “THL Credit Inc. is a newly-organized, externally-managed, non-diversified closed-end management investment company that has filed an election to be treated as a business development company. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company invests primarily in private subordinated debt, or mezzanine debt, in middle market companies that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. The Company’s investment activities are managed by its investment adviser, THL Credit Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. “
Several other research firms have also commented on TCRD. National Securities lowered THL Credit from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $11.00 to $10.00 in a research report on Thursday, March 8th. Maxim Group lowered THL Credit from a “buy” rating to a “hold” rating in a research report on Thursday, March 8th. Keefe, Bruyette & Woods set a $9.00 price target on THL Credit and gave the stock a “hold” rating in a research report on Wednesday, March 7th. BidaskClub raised THL Credit from a “sell” rating to a “hold” rating in a research report on Tuesday, February 13th. Finally, ValuEngine lowered THL Credit from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 2nd. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $9.88.
THL Credit (NASDAQ:TCRD) last released its quarterly earnings results on Tuesday, March 6th. The investment management company reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.04). The company had revenue of $18.58 million during the quarter, compared to the consensus estimate of $19.58 million. THL Credit had a positive return on equity of 10.74% and a negative net margin of 10.04%. research analysts forecast that THL Credit will post 1.16 earnings per share for the current fiscal year.
In related news, CEO Sam W. Tillinghast sold 37,339 shares of the company’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $8.28, for a total transaction of $309,166.92. Following the transaction, the chief executive officer now directly owns 90,365 shares of the company’s stock, valued at approximately $748,222.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James R. Fellows bought 15,000 shares of THL Credit stock in a transaction that occurred on Monday, March 12th. The shares were acquired at an average cost of $8.29 per share, for a total transaction of $124,350.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 17,751 shares of company stock worth $146,951 over the last ninety days. 9.39% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Airain ltd acquired a new position in shares of THL Credit in the third quarter valued at about $100,000. M&T Bank Corp acquired a new position in shares of THL Credit in the third quarter valued at about $100,000. Trexquant Investment LP acquired a new position in shares of THL Credit in the fourth quarter valued at about $104,000. Macquarie Group Ltd. acquired a new position in shares of THL Credit in the third quarter valued at about $104,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of THL Credit in the second quarter valued at about $105,000. 43.80% of the stock is currently owned by institutional investors.
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THL Credit Company Profile
THL Credit, Inc is an externally managed, non-diversified closed-end management investment company. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of lower middle market companies.
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