Saratoga Investment Corp. (SAR) Cut to “Sell” at Zacks Investment Research
Saratoga Investment Corp. (NYSE:SAR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
According to Zacks, “Saratoga Investment Corporation, formerly known as GSC Investment Corp., is a specialty finance company that invests primarily in leveraged loans and mezzanine debt issued by U.S. middle-market companies, both through direct lending and through participation in loan syndicates. The Company has been elected to be treated as a business development company. “
Separately, Compass Point initiated coverage on shares of Saratoga Investment Corp. in a report on Tuesday, July 26th. They issued a “neutral” rating and a $18.00 target price on the stock.
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Saratoga Investment Corp. (NYSE:SAR) opened at 18.12 on Friday. The stock has a 50 day moving average of $17.75 and a 200-day moving average of $16.62. The stock has a market cap of $104.03 million, a P/E ratio of 13.59 and a beta of 0.38. Saratoga Investment Corp. has a 52 week low of $13.41 and a 52 week high of $18.75.
Saratoga Investment Corp. (NYSE:SAR) last released its quarterly earnings results on Wednesday, July 13th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by $0.05. Saratoga Investment Corp. had a return on equity of 9.23% and a net margin of 24.83%. Analysts forecast that Saratoga Investment Corp. will post $1.91 earnings per share for the current year.
The firm also recently announced a special dividend, which was paid on Monday, September 5th. Investors of record on Wednesday, August 24th were issued a $0.20 dividend. The ex-dividend date was Monday, August 22nd. This represents a dividend yield of 9.84%. Saratoga Investment Corp.’s payout ratio is currently 129.32%.
In other Saratoga Investment Corp. news, CEO Christian L. Oberbeck bought 1,586 shares of the company’s stock in a transaction that occurred on Wednesday, July 6th. The shares were acquired at an average cost of $17.08 per share, for a total transaction of $27,088.88. Following the acquisition, the chief executive officer now directly owns 511,006 shares of the company’s stock, valued at $8,727,982.48. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 31.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mendon Capital Advisors Corp increased its position in Saratoga Investment Corp. by 124.3% in the first quarter. Mendon Capital Advisors Corp now owns 54,310 shares of the company’s stock valued at $852,000 after buying an additional 30,100 shares during the period. First Republic Investment Management Inc. purchased a new position in Saratoga Investment Corp. during the first quarter valued at $282,000. Orinda Asset Management LLC purchased a new position in Saratoga Investment Corp. during the second quarter valued at $193,000. Vivaldi Asset Management LLC purchased a new position in Saratoga Investment Corp. during the first quarter valued at $193,000. Finally, RMB Capital Management LLC increased its position in Saratoga Investment Corp. by 32.1% in the first quarter. RMB Capital Management LLC now owns 42,231 shares of the company’s stock valued at $662,000 after buying an additional 10,271 shares during the period. 20.45% of the stock is currently owned by institutional investors and hedge funds.
About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company. The Company is an externally managed, closed-end, non-diversified management investment company. The Company invests primarily in leveraged loans and mezzanine debt issued by private middle-market companies in the United States. Its investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.
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