OFS Credit (NASDAQ:OCCI) Stock Price Down 4.5% – Here’s Why

Shares of OFS Credit Company, Inc. (NASDAQ:OCCI) dropped 4.5% on Monday. The stock traded as low as $1.68 and last traded at $1.70. Approximately 341,184 shares were traded during trading, an increase of 69% from the average session volume of 201,379 shares. The stock had previously closed at $1.78.

Analyst Ratings Changes

Separately, Wall Street Zen cut OFS Credit from a “hold” rating to a “sell” rating in a research note on Saturday, September 26th.

OFS Credit Stock Performance

The company has a market capitalization of $46.41 million, a P/E ratio of -0.90 and a beta of 0.76. The business has a 50 day moving average of $2.36 and a 200-day moving average of $2.70.

OFS Credit (NASDAQ:OCCI) last issued its quarterly earnings data on Thursday, September 17th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. The company had revenue of $8.65 million for the quarter, compared to analysts’ expectations of $9.42 million.

OFS Credit Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, January 29th. Stockholders of record on Friday, January 15th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 38.0%. OFS Credit’s dividend payout ratio is currently -52.00%.

Institutional Investors Weigh In On OFS Credit

A number of institutional investors and hedge funds have recently modified their holdings of OCCI. Kestra Advisory Services LLC boosted its position in shares of OFS Credit by 12.1% in the first quarter. Kestra Advisory Services LLC now owns 92,856 shares of the company’s stock valued at $268,000 after acquiring an additional 10,000 shares during the period. Two Sigma Securities LLC purchased a new position in OFS Credit during the second quarter valued at approximately $40,000. Finally, Advisory Solutions Group LLC bought a new stake in OFS Credit during the 2nd quarter worth approximately $49,000. 23.77% of the stock is owned by hedge funds and other institutional investors.

OFS Credit Company Profile

OFS Credit Company, Inc (NASDAQ: OCCI) is a closed-end investment company that seeks to generate current income and, to a lesser extent, capital appreciation through investments in collateralized loan obligations (CLOs). CLOs are investment vehicles that hold portfolios of primarily senior secured loans made to corporate borrowers.

The company generally invests in CLO equity and subordinated debt tranches, which can provide exposure to the cash flows generated by underlying loan portfolios.