Solar Capital Ltd. (NASDAQ:SLRC) Short Interest Update
Solar Capital Ltd. (NASDAQ:SLRC) saw a large decline in short interest in July. As of July 31st, there was short interest totalling 79,600 shares, a decline of 12.5% from the June 30th total of 91,000 shares. Based on an average daily trading volume, of 82,900 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.2% of the shares of the stock are sold short.
A number of research firms recently weighed in on SLRC. Zacks Investment Research cut shares of Solar Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th. National Securities reiterated a “buy” rating and issued a $25.00 price target on shares of Solar Capital in a research note on Wednesday, May 8th. BidaskClub upgraded shares of Solar Capital from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Raymond James initiated coverage on shares of Solar Capital in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $22.50 price target on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Solar Capital has a consensus rating of “Hold” and an average price target of $22.70.
SLRC stock traded down $0.19 during mid-day trading on Wednesday, hitting $20.17. The company had a trading volume of 37,695 shares, compared to its average volume of 106,054. The firm’s 50-day moving average price is $20.52. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $860.43 million, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 3.83 and a beta of 0.69. Solar Capital has a 12-month low of $18.45 and a 12-month high of $21.98.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Thursday, September 19th will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 8.13%. The ex-dividend date of this dividend is Wednesday, September 18th. Solar Capital’s dividend payout ratio is 92.66%.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Northern Trust Corp raised its stake in Solar Capital by 6.3% during the 4th quarter. Northern Trust Corp now owns 10,566 shares of the financial services provider’s stock worth $202,000 after buying an additional 624 shares during the period. Bank of America Corp DE raised its stake in Solar Capital by 5.4% during the 4th quarter. Bank of America Corp DE now owns 21,406 shares of the financial services provider’s stock worth $411,000 after buying an additional 1,096 shares during the period. Confluence Investment Management LLC raised its stake in Solar Capital by 0.8% during the 1st quarter. Confluence Investment Management LLC now owns 491,489 shares of the financial services provider’s stock worth $10,243,000 after buying an additional 3,749 shares during the period. Bank of Montreal Can raised its stake in Solar Capital by 39.3% during the 1st quarter. Bank of Montreal Can now owns 326,001 shares of the financial services provider’s stock worth $6,794,000 after buying an additional 92,000 shares during the period. Finally, Cetera Advisors LLC acquired a new position in Solar Capital during the 1st quarter worth approximately $208,000. Hedge funds and other institutional investors own 57.95% of the company’s stock.
About Solar Capital
Solar Capital Ltd. is a business development company specializing in secured debt (first lien unitranche and second lien), subordinated (unsecured) debt, minority equity, and strategic income-oriented control equity investments in leveraged middle market companies. The fund invests in aerospace and defense; air freight & logistics; asset management; automotive; banking; beverage, food and tobacco; building products; buildings and real estate; broadcasting and entertainment; cargo transport; commercial services and supplies; communications equipment; chemicals, plastics and rubber; containers, packaging and glass; construction & engineering; diversified/conglomerate manufacturing; consumer Finance; distributors; diversified/conglomerate services; diversified financial services; diversified real estate sctivities; food products; Footwear; Education Services; diversified telecommunications services; electronics; farming and agriculture; finance; grocery; health care equipment and supplies; health care facilities; education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; restaurants, leisure, amusement, and entertainment; leisure equipment tolls and services, media, multiline retail, multi sector holdings; paper and forest products; personal products; professional services, research and consulting services, software; specialty retail; textiles apparel and luxury goods, thrifts and mortgage finance, trading companies and distributors, utilities, and wireless telecommunication services; industrial conglomerates; internet software and services, IT services, machinery; mining, steel, iron, and non precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities.
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