Wall Street brokerages predict that Solar Capital Ltd. (NASDAQ:SLRC) will report $38.98 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Solar Capital’s earnings, with estimates ranging from $38.40 million to $39.55 million. Solar Capital reported sales of $38.24 million during the same quarter last year, which would suggest a positive year over year growth rate of 1.9%. The firm is expected to report its next quarterly earnings results on Thursday, February 20th.
According to Zacks, analysts expect that Solar Capital will report full year sales of $156.63 million for the current fiscal year, with estimates ranging from $156.05 million to $157.20 million. For the next year, analysts expect that the company will post sales of $164.97 million, with estimates ranging from $161.66 million to $168.27 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Solar Capital.
Solar Capital (NASDAQ:SLRC) last announced its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.44. Solar Capital had a return on equity of 7.97% and a net margin of 43.03%. The company had revenue of $39.71 million during the quarter, compared to the consensus estimate of $39.33 million.
SLRC has been the topic of several research reports. TheStreet downgraded shares of Solar Capital from a “b” rating to a “c+” rating in a research report on Tuesday, November 19th. BidaskClub cut Solar Capital from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 28th. Finally, Zacks Investment Research cut Solar Capital from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Solar Capital has a consensus rating of “Hold” and a consensus target price of $22.63.
In other news, Director Steven Hochberg sold 15,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $20.57, for a total value of $308,550.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 6.00% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Virtus ETF Advisers LLC acquired a new stake in shares of Solar Capital during the 2nd quarter worth about $2,745,000. United Capital Financial Advisers LLC grew its position in shares of Solar Capital by 107.5% in the second quarter. United Capital Financial Advisers LLC now owns 137,650 shares of the financial services provider’s stock valued at $2,826,000 after purchasing an additional 71,325 shares during the period. JPMorgan Chase & Co. increased its stake in Solar Capital by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 1,008,056 shares of the financial services provider’s stock valued at $20,393,000 after purchasing an additional 69,161 shares during the last quarter. California Public Employees Retirement System increased its stake in 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 valued at $1,489,000 after purchasing an additional 58,120 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in Solar Capital by 52.4% during the second quarter. Acadian Asset Management LLC now owns 161,611 shares of the financial services provider’s stock worth $3,318,000 after buying an additional 55,594 shares during the period. 58.96% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ SLRC traded up $0.02 during trading hours on Friday, hitting $20.49. The company had a trading volume of 390 shares, compared to its average volume of 115,844. The business has a 50 day moving average of $20.55 and a 200-day moving average of $20.58. The company has a market cap of $876.91 million, a PE ratio of 11.58, a price-to-earnings-growth ratio of 3.97 and a beta of 0.69. Solar Capital has a 1-year low of $18.45 and a 1-year high of $21.83. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.95 and a current ratio of 0.95.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 8.00%. The ex-dividend date is Wednesday, December 18th. Solar Capital’s payout ratio is currently 92.66%.
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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