BlackRock Inc. reduced its position in shares of Apollo Investment Corp. (NASDAQ:AINV) by 18.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 971,718 shares of the asset manager’s stock after selling 221,382 shares during the period. BlackRock Inc. owned about 0.45% of Apollo Investment worth $5,412,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of AINV. Cumberland Partners Ltd acquired a new stake in Apollo Investment in the second quarter worth $296,000. Clear Harbor Asset Management LLC acquired a new stake in Apollo Investment in the second quarter worth $402,000. Alpha Windward LLC acquired a new stake in Apollo Investment in the second quarter worth $493,000. Standard Life Aberdeen plc acquired a new stake in Apollo Investment in the second quarter worth $508,000. Finally, Dean Capital Investments Management LLC increased its position in Apollo Investment by 48.2% in the second quarter. Dean Capital Investments Management LLC now owns 96,807 shares of the asset manager’s stock worth $539,000 after buying an additional 31,506 shares during the period. 46.57% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on AINV. BidaskClub lowered Apollo Investment from a “buy” rating to a “hold” rating in a research report on Saturday, August 11th. Wells Fargo & Co dropped their target price on Apollo Investment from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Thursday, October 4th. ValuEngine lowered Apollo Investment from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Citigroup began coverage on Apollo Investment in a research report on Thursday, August 23rd. They issued a “sell” rating and a $5.00 target price on the stock. Finally, National Securities reaffirmed a “neutral” rating and issued a $6.00 target price on shares of Apollo Investment in a research report on Thursday, November 1st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Apollo Investment has a consensus rating of “Hold” and an average target price of $5.92.
Apollo Investment (NASDAQ:AINV) last issued its quarterly earnings results on Tuesday, October 30th. The asset manager reported $0.15 EPS for the quarter, meeting analysts’ consensus estimates of $0.15. The company had revenue of $66.03 million for the quarter, compared to analyst estimates of $67.38 million. Apollo Investment had a return on equity of 9.22% and a net margin of 26.47%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the company earned $0.16 earnings per share. Sell-side analysts anticipate that Apollo Investment Corp. will post 0.6 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Thursday, December 20th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.19%. The ex-dividend date is Wednesday, December 19th. Apollo Investment’s dividend payout ratio (DPR) is 98.36%.
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About Apollo Investment
Apollo Investment Corporation is business development company specializing in middle market companies. It provides direct equity capital, mezzanine and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products.
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