Sound Point Meridian Capital (SPMC) Expected to Announce Quarterly Earnings on Wednesday

Sound Point Meridian Capital (NYSE:SPMC) is expected to be posting its results before the market opens on Wednesday, February 11th. Analysts expect Sound Point Meridian Capital to post earnings of $0.53 per share and revenue of $20.4530 million for the quarter.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Thursday, November 13th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.02). The firm had revenue of $20.23 million during the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Price Performance

Shares of NYSE:SPMC opened at $13.25 on Wednesday. The firm’s 50 day simple moving average is $14.06 and its 200 day simple moving average is $16.14. Sound Point Meridian Capital has a fifty-two week low of $13.06 and a fifty-two week high of $22.30. The company has a market capitalization of $271.63 million, a price-to-earnings ratio of 66.25 and a beta of 0.32.

Insider Transactions at Sound Point Meridian Capital

In other news, Director Matthew E. Forstenhausler bought 4,118 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average price of $13.60 per share, with a total value of $56,004.80. Following the transaction, the director owned 6,318 shares in the company, valued at $85,924.80. This represents a 187.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total value of $65,282.22. Following the transaction, the insider directly owned 5,269,690 shares of the company’s stock, valued at approximately $75,409,263.90. This trade represents a 0.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders bought 8,480 shares of company stock worth $115,727 and sold 10,803 shares worth $156,663. Insiders own 0.89% of the company’s stock.

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in SPMC. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the third quarter worth $267,000. Marshall Wace LLP increased its stake in Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after buying an additional 20,163 shares during the last quarter. Finally, Kim LLC acquired a new stake in Sound Point Meridian Capital in the 2nd quarter valued at $192,821,000.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SPMC. Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Monday, December 1st. B. Riley lowered their price objective on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Industrial Alliance Securities set a $18.50 price objective on Sound Point Meridian Capital in a research note on Thursday, November 13th. Finally, Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Sound Point Meridian Capital presently has a consensus rating of “Moderate Buy” and an average price target of $18.90.

About Sound Point Meridian Capital

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches. Sound Point Meridian Capital Inc is based in NEW YORK.