Levin Capital Strategies L.P. Has $3.25 Million Holdings in Apollo Investment Corp. (AINV)
Levin Capital Strategies L.P. reduced its stake in shares of Apollo Investment Corp. (NASDAQ:AINV) by 64.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 261,835 shares of the asset manager’s stock after selling 469,313 shares during the period. Levin Capital Strategies L.P.’s holdings in Apollo Investment were worth $3,247,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in AINV. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Apollo Investment during the 3rd quarter worth about $9,591,000. GSA Capital Partners LLP purchased a new position in shares of Apollo Investment during the 3rd quarter worth about $1,631,000. Allianz Asset Management GmbH lifted its holdings in shares of Apollo Investment by 19.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,445,292 shares of the asset manager’s stock worth $7,862,000 after acquiring an additional 234,696 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Apollo Investment by 4.4% during the 3rd quarter. Wells Fargo & Company MN now owns 4,481,748 shares of the asset manager’s stock worth $24,380,000 after acquiring an additional 190,301 shares during the period. Finally, Clear Harbor Asset Management LLC lifted its holdings in shares of Apollo Investment by 247.6% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 250,760 shares of the asset manager’s stock worth $1,261,000 after acquiring an additional 178,620 shares during the period.
NASDAQ AINV opened at $15.32 on Monday. Apollo Investment Corp. has a one year low of $12.05 and a one year high of $18.00. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $1.06 billion, a P/E ratio of 8.37, a price-to-earnings-growth ratio of 1.70 and a beta of 1.22.
Apollo Investment announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 6th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the asset manager to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Thursday, March 21st will be issued a $0.45 dividend. This is a positive change from Apollo Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $1.80 annualized dividend and a yield of 11.75%. Apollo Investment’s dividend payout ratio (DPR) is presently 98.36%.
Several research analysts have recently weighed in on AINV shares. ValuEngine lowered shares of Apollo Investment from a “hold” rating to a “sell” rating in a report on Wednesday, December 5th. BidaskClub lowered shares of Apollo Investment from a “buy” rating to a “hold” rating in a report on Saturday, December 8th. National Securities reiterated a “neutral” rating and set a $18.00 price objective on shares of Apollo Investment in a report on Thursday, November 1st. Barclays set a $16.00 price objective on shares of Apollo Investment and gave the stock a “hold” rating in a report on Friday, December 14th. Finally, Raymond James raised their price target on shares of Apollo Investment from $7.00 to $21.00 and gave the company an “outperform” rating in a report on Tuesday, December 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $17.50.
Apollo Investment Profile
Apollo Investment Corporation is business development company specializing in middle market companies. It provides direct equity capital, mezzanine and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products.
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