GREAT ELM CAP C (GECC) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of GREAT ELM CAP C (NASDAQ:GECC) from a hold rating to a buy rating in a research note issued to investors on Friday morning. Zacks Investment Research currently has $12.00 target price on the financial services provider’s stock.
According to Zacks, “Great Elm Capital Corp. is a diversified investment company. Its business line consists of investment management, financial products and merchant banking. Great Elm Capital Corp. is based in Baltimore, Maryland. “
A number of other brokerages have also issued reports on GECC. CIBC began coverage on shares of GREAT ELM CAP C in a report on Wednesday, June 28th. They issued an outperform rating and a $14.00 price objective for the company. Oppenheimer Holdings, Inc. began coverage on shares of GREAT ELM CAP C in a report on Wednesday, June 28th. They issued an outperform rating and a $14.00 price objective for the company.
Shares of GREAT ELM CAP C (NASDAQ:GECC) opened at 10.58 on Friday. The stock has a 50 day moving average of $10.83 and a 200 day moving average of $10.83. GREAT ELM CAP C has a 12-month low of $10.55 and a 12-month high of $11.82.
GREAT ELM CAP C (NASDAQ:GECC) last released its earnings results on Monday, August 14th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.09. The business had revenue of $6.24 million for the quarter, compared to analysts’ expectations of $5.20 million. On average, analysts forecast that GREAT ELM CAP C will post $0.97 earnings per share for the current year.
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The company also recently disclosed a monthly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be issued a $0.083 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.41%. The ex-dividend date of this dividend is Thursday, December 28th.
In related news, major shareholder Mast Capital Management, Llc sold 12,761 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $10.78, for a total value of $137,563.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 73,037 shares of company stock valued at $779,671 in the last three months.
Several institutional investors and hedge funds have recently made changes to their positions in GECC. Moloney Securities Asset Management LLC purchased a new position in GREAT ELM CAP C during the second quarter worth about $112,000. Cambridge Investment Research Advisors Inc. boosted its stake in GREAT ELM CAP C by 1.7% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 50,669 shares of the financial services provider’s stock worth $538,000 after buying an additional 871 shares during the period. GRT Capital Partners L.L.C. purchased a new position in GREAT ELM CAP C during the second quarter worth about $237,000. Finally, Royal Bank of Canada purchased a new position in GREAT ELM CAP C during the second quarter worth about $512,000. 8.91% of the stock is owned by hedge funds and other institutional investors.
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