Van ECK Associates Corp Has $97.81 Million Position in Main Street Capital Corporation $MAIN

Van ECK Associates Corp cut its holdings in Main Street Capital Corporation (NYSE:MAIN) by 10.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,885,274 shares of the financial services provider’s stock after selling 223,648 shares during the period. Van ECK Associates Corp’s holdings in Main Street Capital were worth $97,808,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Garner Asset Management Corp bought a new stake in shares of Main Street Capital during the 4th quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB acquired a new stake in Main Street Capital during the second quarter worth approximately $28,000. Smartleaf Asset Management LLC increased its holdings in Main Street Capital by 109.6% in the second quarter. Smartleaf Asset Management LLC now owns 478 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Sankala Group LLC acquired a new position in Main Street Capital in the fourth quarter valued at approximately $29,000. Finally, Gilpin Wealth Management LLC acquired a new position in Main Street Capital in the fourth quarter valued at approximately $31,000. 20.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Weiss Ratings downgraded shares of Main Street Capital from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. Wells Fargo & Company increased their target price on shares of Main Street Capital from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Truist Financial raised their price target on shares of Main Street Capital from $53.00 to $57.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Zacks Research raised shares of Main Street Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Citigroup reissued a “market outperform” rating on shares of Main Street Capital in a research report on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.83.

Main Street Capital Price Performance

Shares of NYSE:MAIN opened at $58.58 on Friday. The stock’s 50 day moving average is $54.92 and its 200-day moving average is $54.60. Main Street Capital Corporation has a twelve month low of $48.95 and a twelve month high of $67.34. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 11.81 and a beta of 0.71.

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

Main Street Capital Dividend Announcement

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

Insider Transactions at Main Street Capital

In other news, EVP Jason B. Beauvais sold 6,830 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were 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 directly owned 196,185 shares of the company’s stock, valued at $10,148,650.05. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ryan Mchugh bought 2,550 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was acquired at an average price of $59.05 per share, for a total transaction of $150,577.50. Following the acquisition, the chief accounting officer directly owned 22,647 shares in the company, valued at $1,337,305.35. The trade was a 12.69% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.83% of the stock is owned by company insiders.

Main Street Capital Company Profile

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.