Garner Asset Management Corp increased its holdings in shares of Apollo Investment Corp. (NASDAQ:AINV) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 86,288 shares of the asset manager’s stock after buying an additional 816 shares during the quarter. Apollo Investment accounts for about 1.0% of Garner Asset Management Corp’s holdings, making the stock its 27th biggest holding. Garner Asset Management Corp owned approximately 0.12% of Apollo Investment worth $1,306,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the stock. Eagle Global Advisors LLC bought a new stake in shares of Apollo Investment during the 1st quarter worth $174,000. Confluence Investment Management LLC lifted its position in shares of Apollo Investment by 70.4% during the 1st quarter. Confluence Investment Management LLC now owns 427,019 shares of the asset manager’s stock worth $6,465,000 after buying an additional 176,374 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Apollo Investment during the 1st quarter worth $288,000. TCI Wealth Advisors Inc. lifted its position in shares of Apollo Investment by 23.3% during the 1st quarter. TCI Wealth Advisors Inc. now owns 12,329 shares of the asset manager’s stock worth $187,000 after buying an additional 2,329 shares during the last quarter. Finally, Geode Capital Management LLC bought a new stake in shares of Apollo Investment during the 4th quarter worth $146,000. Institutional investors and hedge funds own 45.03% of the company’s stock.
Apollo Investment stock traded up $0.11 during trading hours on Tuesday, hitting $15.46. The stock had a trading volume of 146,030 shares, compared to its average volume of 290,996. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.06 billion, a PE ratio of 8.45, a P/E/G ratio of 1.64 and a beta of 1.23. Apollo Investment Corp. has a one year low of $12.05 and a one year high of $18.00.
The company also recently announced a dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Monday, April 29th. Apollo Investment’s dividend payout ratio is presently 98.36%.
Apollo Investment declared that its board has approved a stock repurchase plan on Wednesday, February 6th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the asset manager to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Several analysts recently weighed in on AINV shares. BidaskClub upgraded Apollo Investment from a “sell” rating to a “hold” rating in a research report on Thursday, January 10th. ValuEngine downgraded Apollo Investment from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. Zacks Investment Research downgraded Apollo Investment from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. National Securities reiterated a “neutral” rating and issued a $18.00 target price on shares of Apollo Investment in a research report on Friday, February 8th. Finally, Citigroup upgraded Apollo Investment from a “sell” rating to a “neutral” rating and dropped their target price for the company from $15.00 to $14.00 in a research report on Tuesday, January 22nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $17.40.
Apollo Investment Company Profile
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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