Sound Point Meridian Capital (NYSE:SPMC) Stock Rating Lowered by Zacks Research

Sound Point Meridian Capital (NYSE:SPMC) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on SPMC. B. Riley Financial reaffirmed a “neutral” rating and set a $12.00 price objective (down from $16.00) on shares of Sound Point Meridian Capital in a report on Thursday, February 12th. iA Financial set a $18.50 price target on Sound Point Meridian Capital in a research report on Thursday, November 13th. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a research note on Monday, December 1st. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a research report on Wednesday, February 11th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sound Point Meridian Capital currently has an average rating of “Hold” and an average price target of $16.50.

Sound Point Meridian Capital Trading Up 4.1%

Shares of NYSE SPMC opened at $11.04 on Monday. The business has a 50-day moving average of $12.86 and a 200-day moving average of $15.15. The firm has a market capitalization of $226.32 million, a price-to-earnings ratio of -3.13 and a beta of 0.68. Sound Point Meridian Capital has a 12 month low of $9.10 and a 12 month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.11). The business had revenue of $17.95 million for the quarter, compared to analyst estimates of $20.45 million.

Insider Activity

In related news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the firm’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total transaction of $65,282.22. Following the transaction, the insider directly owned 5,269,690 shares in the company, valued at $75,409,263.90. This trade represents a 0.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew E. Forstenhausler purchased 4,118 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was bought at an average cost of $13.60 per share, for a total transaction of $56,004.80. Following the completion of the purchase, the director directly owned 6,318 shares in the company, valued at approximately $85,924.80. This trade represents a 187.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders bought 11,480 shares of company stock worth $150,127 and sold 10,701 shares worth $154,990. 0.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Kim LLC bought a new stake in Sound Point Meridian Capital during the 2nd quarter valued at $192,821,000. Everest Management Corp. grew its holdings in Sound Point Meridian Capital by 5.6% in the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after acquiring an additional 4,243 shares during the last quarter. Marshall Wace LLP grew its holdings in Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Virtus Investment Advisers LLC increased its position in shares of Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after acquiring an additional 2,061 shares during the period. Finally, Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital during the third quarter valued at about $267,000.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches. Sound Point Meridian Capital Inc is based in NEW YORK.