Main Street Capital Sees Unusually High Options Volume (NYSE:MAIN)

Main Street Capital Corporation (NYSE:MAIN) saw unusually large options trading on Tuesday. Stock investors purchased 7,461 put options on the company. This represents an increase of 723% compared to the average volume of 907 put options.

Main Street Capital Stock Performance

Shares of NYSE:MAIN traded down $0.42 during midday trading on Tuesday, reaching $58.50. The company had a trading volume of 367,704 shares, compared to its average volume of 692,554. The company’s 50 day moving average price is $54.32 and its 200 day moving average price is $54.62. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.11. The stock has a market cap of $5.47 billion, a P/E ratio of 11.78 and a beta of 0.71. Main Street Capital has a 52-week low of $48.95 and a 52-week high of $67.34.

Main Street Capital (NYSE:MAIN) last released its earnings results on Thursday, August 6th. The financial services provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The firm had revenue of $327.56 million during the quarter, compared to the consensus estimate of $144.59 million. Main Street Capital had a net margin of 78.49% and a return on equity of 11.80%. As a group, sell-side analysts anticipate that Main Street Capital will post 3.77 EPS for the current fiscal year.

Main Street Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be paid a $0.265 dividend. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Tuesday, December 8th. Main Street Capital’s payout ratio is currently 64.11%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MAIN shares. Citigroup restated a “market outperform” rating on shares of Main Street Capital in a report on Monday, August 10th. Royal Bank Of Canada dropped their price objective on Main Street Capital from $66.00 to $58.00 and set an “outperform” rating on the stock in a research note on Thursday, May 14th. Weiss Ratings lowered shares of Main Street Capital from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. Wall Street Zen lowered shares of Main Street Capital from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Truist Financial boosted their target price on Main Street Capital from $53.00 to $57.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $60.83.

Insider Buying and Selling at Main Street Capital

In other Main Street Capital news, CAO Ryan Mchugh acquired 2,550 shares of Main Street Capital stock in a transaction dated Thursday, August 13th. The stock was purchased at an average cost of $59.05 per share, for a total transaction of $150,577.50. Following the completion of the acquisition, the chief accounting officer directly owned 22,647 shares of the company’s stock, valued at $1,337,305.35. This represents a 12.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jason B. Beauvais sold 6,830 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $51.73, for a total transaction of $353,315.90. Following the completion of the sale, the executive vice president owned 196,185 shares in the company, valued at $10,148,650.05. This represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Main Street Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Garner Asset Management Corp bought a new stake in shares of Main Street Capital in the fourth quarter valued at approximately $28,000. MassMutual Private Wealth & Trust FSB bought a new stake in Main Street Capital during the 2nd quarter valued at $28,000. Smartleaf Asset Management LLC lifted its position in shares of Main Street Capital by 109.6% during the second quarter. Smartleaf Asset Management LLC now owns 478 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. Sankala Group LLC bought a new position in shares of Main Street Capital in the fourth quarter worth $29,000. Finally, Gilpin Wealth Management LLC purchased a new position in shares of Main Street Capital in the fourth quarter valued at $31,000. Institutional investors own 20.31% of the company’s stock.

About Main Street Capital

Main Street Capital Corporation (NYSE: MAIN) is a publicly traded business development company that provides flexible debt and equity capital to lower middle market companies in the United States. Headquartered in Houston, Texas, Main Street Capital was formed in 2007 and operates under the Investment Company Act of 1940. The firm’s management services are provided by Main Street Capital Management, L.P., which focuses on identifying growing private companies with enterprise values typically between $10 million and $150 million.

Main Street Capital’s primary offerings include first-lien senior secured loans, second-lien loans, subordinated debt, and equity co-investments or minority equity positions.