OFS Credit Company, Inc. (NASDAQ:OCCI – Get Free Report) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totaling 44,118 shares, a drop of 68.4% from the September 30th total of 139,644 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average trading volume of 196,251 shares, the days-to-cover ratio is currently 0.2 days.
OFS Credit Trading Up 1.9%
Shares of OCCI traded up $0.03 during trading hours on Thursday, reaching $1.61. 173,991 shares of the company traded hands, compared to its average volume of 293,344. The firm has a market cap of $47.29 million, a price-to-earnings ratio of -0.92 and a beta of 0.76. OFS Credit has a 12-month low of $1.40 and a 12-month high of $5.15. The stock’s fifty day moving average price is $2.24 and its 200 day moving average price is $2.95.
OFS Credit (NASDAQ:OCCI – Get Free Report) last posted its quarterly earnings results on Thursday, September 17th. The company reported $0.21 EPS for the quarter, hitting the consensus estimate of $0.21. The company had revenue of $8.65 million during the quarter, compared to analysts’ expectations of $9.42 million.
OFS Credit Announces Dividend
The firm also recently declared a monthly dividend, which will be paid on Friday, January 29th. Stockholders of record on Friday, January 15th will be issued a $0.05 dividend. The ex-dividend date is Friday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 37.3%. OFS Credit’s payout ratio is currently -49.14%.
Institutional Investors Weigh In On OFS Credit
Several hedge funds have recently modified their holdings of the business. Two Sigma Securities LLC purchased a new position in OFS Credit during the second quarter valued at approximately $40,000. Advisory Solutions Group LLC purchased a new stake in OFS Credit during the second quarter worth $49,000. Finally, Kestra Advisory Services LLC lifted its holdings in OFS Credit by 12.1% during the first quarter. Kestra Advisory Services LLC now owns 92,856 shares of the company’s stock worth $268,000 after buying an additional 10,000 shares during the period. Hedge funds and other institutional investors own 23.77% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, Wall Street Zen lowered shares of OFS Credit from a “hold” rating to a “sell” rating in a research report on Saturday, September 26th.
Read Our Latest Analysis on OCCI
OFS Credit Company Profile
OFS Credit Company, Inc (NASDAQ: OCCI) is a closed-end management investment company focused on generating current income and, to a lesser extent, capital appreciation. The company is externally managed by OFS Capital Management, LLC.
OFS Credit primarily invests in collateralized loan obligation (CLO) securities, including equity and subordinated debt tranches. CLOs are structured investment vehicles backed mainly by portfolios of senior secured corporate loans. Through these investments, OFS Credit seeks exposure to income generated by corporate lending markets while managing a portfolio of CLO-related assets.
The company has operated as a registered investment company and has elected to be treated as a regulated investment company for U.S.
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