Solar Capital (NASDAQ:SLRC) Upgraded by Zacks Investment Research to Hold

Solar Capital (NASDAQ:SLRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Zacks.com reports.

According to Zacks, “Solar Capital Ltd. is a closed-end investment company that invests primarily in leveraged companies, including middle market companies, in the form of senior secured loans, mezzanine loans, and equity securities. “

SLRC has been the subject of several other reports. JMP Securities dropped their target price on shares of Solar Capital from $21.50 to $18.50 and set a “market outperform” rating for the company in a report on Monday, May 11th. Deutsche Bank lowered their price target on shares of Solar Capital from $23.50 to $18.50 and set a “buy” rating for the company in a report on Monday, May 11th. BidaskClub downgraded shares of Solar Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 20th. Oppenheimer reiterated a “buy” rating and set a $19.00 price target on shares of Solar Capital in a report on Sunday, May 10th. Finally, Wells Fargo & Co lifted their price target on shares of Solar Capital from $16.50 to $17.25 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Solar Capital has a consensus rating of “Buy” and an average price target of $18.59.

NASDAQ:SLRC opened at $16.34 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. The firm has a 50-day moving average price of $16.59 and a two-hundred day moving average price of $15.80. Solar Capital has a twelve month low of $7.42 and a twelve month high of $21.24. The company has a market capitalization of $690.53 million, a P/E ratio of -68.08 and a beta of 1.31.

Solar Capital (NASDAQ:SLRC) last posted its earnings results on Tuesday, August 4th. The financial services provider reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.01). Solar Capital had a negative net margin of 7.14% and a positive return on equity of 7.51%. The business had revenue of $28.63 million for the quarter, compared to analysts’ expectations of $30.51 million. On average, equities research analysts predict that Solar Capital will post 1.41 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its position in shares of Solar Capital by 1.5% in the second quarter. Commonwealth Equity Services LLC now owns 40,041 shares of the financial services provider’s stock worth $641,000 after acquiring an additional 586 shares during the last quarter. Sunbelt Securities Inc. boosted its position in shares of Solar Capital by 3.7% in the second quarter. Sunbelt Securities Inc. now owns 18,788 shares of the financial services provider’s stock worth $301,000 after acquiring an additional 678 shares during the last quarter. D.A. Davidson & CO. boosted its position in shares of Solar Capital by 5.6% in the second quarter. D.A. Davidson & CO. now owns 16,286 shares of the financial services provider’s stock worth $261,000 after acquiring an additional 857 shares during the last quarter. Garner Asset Management Corp boosted its position in shares of Solar Capital by 3.0% in the second quarter. Garner Asset Management Corp now owns 35,626 shares of the financial services provider’s stock worth $570,000 after acquiring an additional 1,035 shares during the last quarter. Finally, Coe Capital Management LLC boosted its position in shares of Solar Capital by 4.4% in the first quarter. Coe Capital Management LLC now owns 38,310 shares of the financial services provider’s stock worth $446,000 after acquiring an additional 1,629 shares during the last quarter. 55.44% of the stock is currently owned by institutional investors and hedge funds.

Solar Capital Company Profile

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.

Further Reading: Diversification in Investing

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