Solar Capital Ltd. (NASDAQ:SLRC) Sees Large Growth in Short Interest

Solar Capital Ltd. (NASDAQ:SLRC) was the target of a significant increase in short interest in October. As of October 31st, there was short interest totalling 79,200 shares, an increase of 24.1% from the September 30th total of 63,800 shares. Based on an average daily volume of 79,400 shares, the short-interest ratio is currently 1.0 days. Approximately 0.2% of the shares of the stock are sold short.

Shares of NASDAQ SLRC traded down $0.06 during midday trading on Friday, reaching $20.56. 97,800 shares of the company were exchanged, compared to its average volume of 99,222. The stock’s 50-day moving average price is $20.46 and its 200-day moving average price is $20.65. The stock has a market cap of $873.11 million, a P/E ratio of 11.62, a PEG ratio of 3.95 and a beta of 0.69. Solar Capital has a one year low of $18.45 and a one year high of $21.83. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.61.

Solar Capital (NASDAQ:SLRC) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.44 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.44. The firm had revenue of $39.71 million for the quarter, compared to analysts’ expectations of $39.33 million. Solar Capital had a net margin of 43.03% and a return on equity of 7.97%. On average, equities research analysts anticipate that Solar Capital will post 1.74 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Thursday, December 19th will be paid a dividend of $0.41 per share. The ex-dividend date is Wednesday, December 18th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.98%. Solar Capital’s payout ratio is presently 92.66%.

A number of analysts have weighed in on SLRC shares. BidaskClub cut shares of Solar Capital from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Zacks Investment Research cut shares of Solar Capital from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $22.70.

In other Solar Capital news, Director Steven Hochberg sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 6.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. D.A. Davidson & CO. bought a new stake in shares of Solar Capital during the third quarter worth $249,000. Montag A & Associates Inc. grew its stake in shares of Solar Capital by 22.9% during the third quarter. Montag A & Associates Inc. now owns 32,945 shares of the financial services provider’s stock worth $680,000 after buying an additional 6,143 shares during the last quarter. Clear Harbor Asset Management LLC grew its stake in shares of Solar Capital by 3.4% during the third quarter. Clear Harbor Asset Management LLC now owns 190,176 shares of the financial services provider’s stock worth $3,927,000 after buying an additional 6,185 shares during the last quarter. SMH Capital Advisors Inc. grew its stake in shares of Solar Capital by 6.1% in the third quarter. SMH Capital Advisors Inc. now owns 17,516 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 1,011 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in shares of Solar Capital by 416.1% in the third quarter. California Public Employees Retirement System now owns 72,088 shares of the financial services provider’s stock worth $1,489,000 after purchasing an additional 58,120 shares during the last quarter. 58.05% of the stock is currently owned by hedge funds and other institutional investors.

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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