Optimum Investment Advisors reduced its holdings in Main Street Capital Co. (NYSE:MAIN) by 94.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,605 shares of the financial services provider’s stock after selling 30,000 shares during the period. Optimum Investment Advisors’ holdings in Main Street Capital were worth $60,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Trinity Legacy Partners LLC acquired a new stake in shares of Main Street Capital in the fourth quarter valued at about $5,621,000. Investec Asset Management LTD purchased a new stake in shares of Main Street Capital during the 4th quarter worth about $4,862,000. Ellis Investment Partners LLC purchased a new stake in shares of Main Street Capital during the 1st quarter worth about $114,000. Pembroke Management LTD purchased a new stake in shares of Main Street Capital during the 1st quarter worth about $2,781,000. Finally, Wambolt & Associates LLC purchased a new stake in shares of Main Street Capital during the 4th quarter worth about $2,459,000. 23.05% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on MAIN. National Securities reiterated a “neutral” rating and set a $38.00 target price on shares of Main Street Capital in a report on Monday. Zacks Investment Research upgraded Main Street Capital from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Main Street Capital currently has a consensus rating of “Hold” and an average price target of $39.80.
Main Street Capital (NYSE:MAIN) last released its quarterly earnings results on Thursday, May 9th. The financial services provider reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.02. The firm had revenue of $61.40 million during the quarter, compared to analysts’ expectations of $60.33 million. Main Street Capital had a return on equity of 10.78% and a net margin of 73.33%. Main Street Capital’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 EPS. As a group, sell-side analysts forecast that Main Street Capital Co. will post 2.54 earnings per share for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, August 20th will be issued a $0.205 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date is Monday, August 19th. Main Street Capital’s dividend payout ratio is presently 92.31%.
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About Main Street Capital
Main Street Capital Corporation is a business development company specializing in long- term equity and debt investments in small and lower middle market companies. The firm focuses on investments in, subordinated loans, private equity, venture debt, mezzanine investments, mature, mid venture, industry consolidation, later stage, late venture, emerging growth, management buyouts, change of control transactions, ownership transitions, recapitalizations, strategic acquisitions, refinancing, business expansion capital, growth financings, family estate planning, and other growth initiatives primarily for later stage businesses.
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