Solar Capital (NASDAQ:SLRC) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Solar Capital (NASDAQ:SLRC) from a hold rating to a sell rating in a research note issued to investors on Wednesday, 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. “

Several other research analysts also recently commented on SLRC. Raymond James assumed coverage on shares of Solar Capital in a research note on Tuesday, April 16th. They issued an outperform rating and a $22.50 target price on the stock. BidaskClub raised shares of Solar Capital from a strong sell rating to a sell rating in a research note on Friday, July 26th. Finally, National Securities reissued a buy rating and set a $25.00 price objective on shares of Solar Capital in a research report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $22.70.

Shares of NASDAQ SLRC traded down $0.07 during mid-day trading on Wednesday, hitting $20.70. The stock had a trading volume of 69,905 shares, compared to its average volume of 77,056. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.64. Solar Capital has a 1 year low of $18.45 and a 1 year high of $22.00. The business’s 50 day moving average price is $20.58. The stock has a market capitalization of $877.76 million, a price-to-earnings ratio of 11.69, a P/E/G ratio of 3.90 and a beta of 0.69.

Solar Capital (NASDAQ:SLRC) last issued its earnings results on Monday, May 6th. The financial services provider reported $0.44 EPS for the quarter, hitting the consensus estimate of $0.44. Solar Capital had a net margin of 46.58% and a return on equity of 8.05%. The company had revenue of $39.26 million for the quarter, compared to the consensus estimate of $40.30 million. On average, sell-side analysts predict that Solar Capital will post 1.78 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of SLRC. AJO LP purchased a new position in Solar Capital during the 1st quarter valued at $4,775,000. Marshall Wace LLP purchased a new stake in shares of Solar Capital in the 1st quarter worth about $4,414,000. Acadian Asset Management LLC grew its position in shares of Solar Capital by 1,727.6% in the 1st quarter. Acadian Asset Management LLC now owns 106,017 shares of the financial services provider’s stock worth $2,208,000 after buying an additional 100,216 shares during the period. Bank of Montreal Can grew its position in shares of Solar Capital by 39.3% in 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, JPMorgan Chase & Co. grew its position in shares of Solar Capital by 9.6% in the 1st quarter. JPMorgan Chase & Co. now owns 938,895 shares of the financial services provider’s stock worth $19,567,000 after buying an additional 81,851 shares during the period. 58.01% of the stock is currently owned by institutional investors and hedge funds.

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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