Zacks Investment Research Downgrades Apollo Investment (AINV) to Sell

Apollo Investment (NASDAQ:AINV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Apollo Investment Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company’s investment portfolio will be principally in middle-market private companies. “

Other research analysts have also issued research reports about the stock. ValuEngine upgraded shares of Apollo Investment from a “sell” rating to a “hold” rating in a report on Friday, May 3rd. BidaskClub downgraded shares of Apollo Investment from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. Citigroup raised shares of Apollo Investment from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $14.00 in a report on Tuesday, January 22nd. Finally, National Securities reaffirmed a “neutral” rating and issued a $18.00 price objective on shares of Apollo Investment in a report on Friday, February 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $17.40.

NASDAQ AINV traded up $0.05 during mid-day trading on Thursday, hitting $15.74. The company’s stock had a trading volume of 7,545 shares, compared to its average volume of 343,846. Apollo Investment has a 52-week low of $12.05 and a 52-week high of $18.00. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 8.60, a PEG ratio of 1.65 and a beta of 1.22.

Apollo Investment declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 6th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the asset manager to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Kore Private Wealth LLC acquired a new position in shares of Apollo Investment during the first quarter valued at $32,000. IHT Wealth Management LLC raised its stake in shares of Apollo Investment by 35.9% during the first quarter. IHT Wealth Management LLC now owns 17,108 shares of the asset manager’s stock valued at $259,000 after purchasing an additional 4,522 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Apollo Investment by 10.7% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 62,155 shares of the asset manager’s stock valued at $942,000 after purchasing an additional 5,994 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Apollo Investment during the first quarter valued at about $1,669,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Apollo Investment during the first quarter valued at about $35,000. 45.30% of the stock is owned by institutional investors.

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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