Medley Capital Corp. (MCC) Sees Significant Drop in Short Interest
Medley Capital Corp. (NYSE:MCC) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 399,534 shares, a decrease of 31.2% from the August 15th total of 580,312 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average trading volume of 550,457 shares, the short-interest ratio is currently 0.7 days.
MCC has been the topic of a number of recent analyst reports. National Securities reiterated a “neutral” rating and issued a $7.00 price objective on shares of Medley Capital Corp. in a research report on Thursday, August 11th. FBR & Co reiterated a “hold” rating on shares of Medley Capital Corp. in a research report on Wednesday, August 10th. Jefferies Group reiterated a “hold” rating on shares of Medley Capital Corp. in a research report on Friday, August 12th. Finally, Zacks Investment Research downgraded Medley Capital Corp. from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $7.67.
Medley Capital Corp. (NYSE:MCC) opened at 7.33 on Tuesday. The stock’s 50 day moving average price is $7.44 and its 200-day moving average price is $6.92. Medley Capital Corp. has a 52 week low of $5.26 and a 52 week high of $8.40.
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Medley Capital Corp. (NYSE:MCC) last issued its quarterly earnings data on Tuesday, August 9th. The investment management company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.26. Medley Capital Corp. had a negative net margin of 31.75% and a positive return on equity of 10.43%. The firm earned $28.41 million during the quarter, compared to the consensus estimate of $30.15 million. During the same quarter in the previous year, the firm posted $0.30 EPS. The company’s revenue for the quarter was down 21.0% compared to the same quarter last year. Analysts predict that Medley Capital Corp. will post $0.96 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Wednesday, August 24th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 12.01%. The ex-dividend date is Monday, August 22nd. Medley Capital Corp.’s payout ratio is -122.22%.
In other Medley Capital Corp. news, CEO Brook Taube acquired 281,300 shares of the stock in a transaction that occurred on Friday, September 16th. The shares were bought at an average price of $7.15 per share, for a total transaction of $2,011,295.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Seth Taube acquired 171,000 shares of the stock in a transaction that occurred on Friday, August 19th. The stock was acquired at an average price of $7.69 per share, for a total transaction of $1,314,990.00. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company’s stock.
Several large investors have recently modified their holdings of the stock. IFP Advisors Inc increased its stake in shares of Medley Capital Corp. by 8.3% in the second quarter. IFP Advisors Inc now owns 16,559 shares of the investment management company’s stock worth $111,000 after buying an additional 1,269 shares during the last quarter. PineBridge Investments L.P. increased its stake in shares of Medley Capital Corp. by 37.6% in the second quarter. PineBridge Investments L.P. now owns 17,227 shares of the investment management company’s stock worth $115,000 after buying an additional 4,711 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Medley Capital Corp. by 55.6% in the first quarter. Goldman Sachs Group Inc. now owns 17,871 shares of the investment management company’s stock worth $118,000 after buying an additional 6,387 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of Medley Capital Corp. during the second quarter worth about $162,000. Finally, Bancorpsouth Inc. acquired a new stake in shares of Medley Capital Corp. during the first quarter worth about $231,000. 28.30% of the stock is owned by hedge funds and other institutional investors.
About Medley Capital Corp.
Medley Capital Corporation is a non-diversified closed-end management investment company. The Company’s investment objective is to generate current income and capital appreciation by lending directly to privately held middle market companies, primarily through directly originated transactions to help these companies expand their business, refinance and make acquisitions.
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