Sound Point Meridian Capital (NYSE:SPMC) Releases Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Sound Point Meridian Capital (NYSE:SPMC) issued its earnings results on Wednesday. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.09), Zacks reports.

Sound Point Meridian Capital Trading Down 9.1%

Shares of Sound Point Meridian Capital stock traded down $1.17 on Wednesday, reaching $11.69. 68,811 shares of the company were exchanged, compared to its average volume of 23,645. The company has a market capitalization of $239.65 million, a price-to-earnings ratio of 59.25 and a beta of 0.32. Sound Point Meridian Capital has a one year low of $11.75 and a one year high of $22.30. The company has a 50-day moving average of $13.88 and a 200 day moving average of $15.97.

Wall Street Analysts Forecast Growth

SPMC has been the subject of several research analyst reports. B. Riley Financial reduced their price target on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. iA Financial set a $18.50 price target on Sound Point Meridian Capital in a research note on Thursday, November 13th. Finally, Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a report on Monday, December 1st. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.90.

Insider Buying and Selling at Sound Point Meridian Capital

In related news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total transaction of $65,282.22. Following the transaction, the insider directly owned 5,269,690 shares in the company, valued at approximately $75,409,263.90. The trade was a 0.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew E. Forstenhausler purchased 4,118 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were purchased at an average cost of $13.60 per share, for a total transaction of $56,004.80. Following the completion of the transaction, the director directly owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This represents a 187.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 8,480 shares of company stock valued at $115,727 and sold 10,803 shares valued at $156,663. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kim LLC bought a new stake in Sound Point Meridian Capital during the second quarter worth about $192,821,000. Marshall Wace LLP increased its position in Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after buying an additional 20,163 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new position in shares of Sound Point Meridian Capital during the third quarter valued at approximately $267,000.

About Sound Point Meridian Capital

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches. Sound Point Meridian Capital Inc is based in NEW YORK.