Wall Street analysts predict that Solar Capital Ltd. (NASDAQ:SLRC) will announce $40.27 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Solar Capital’s earnings. The lowest sales estimate is $37.60 million and the highest is $42.94 million. Solar Capital posted sales of $38.96 million in the same quarter last year, which suggests a positive year over year growth rate of 3.4%. The business is expected to report its next earnings report on Monday, May 6th.
On average, analysts expect that Solar Capital will report full-year sales of $173.60 million for the current fiscal year, with estimates ranging from $160.20 million to $187.00 million. For the next fiscal year, analysts anticipate that the firm will report sales of $179.00 million. Zacks’ sales averages are an average based on a survey of analysts that follow Solar Capital.
Solar Capital (NASDAQ:SLRC) last issued its earnings results on Thursday, February 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The firm had revenue of $38.24 million for the quarter, compared to analysts’ expectations of $37.46 million. Solar Capital had a net margin of 43.56% and a return on equity of 8.09%.
Several analysts recently weighed in on the stock. Zacks Investment Research raised shares of Solar Capital from a “sell” rating to a “hold” rating in a report on Tuesday. Wells Fargo & Co increased their price target on shares of Solar Capital from $18.00 to $19.00 and gave the company a “market perform” rating in a research note on Tuesday, February 26th. National Securities reiterated a “buy” rating and issued a $25.00 price target on shares of Solar Capital in a research note on Monday, February 25th. Finally, BidaskClub lowered shares of Solar Capital from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Solar Capital presently has a consensus rating of “Hold” and a consensus target price of $22.50.
In related news, Director Steven Hochberg purchased 5,000 shares of the company’s stock in a transaction on Friday, December 14th. The shares were bought at an average cost of $20.35 per share, for a total transaction of $101,750.00. Following the completion of the purchase, the director now directly owns 25,000 shares of the company’s stock, valued at approximately $508,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.90% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in SLRC. California Public Employees Retirement System purchased a new position in shares of Solar Capital during the second quarter worth approximately $356,000. Pekin Singer Strauss Asset Management IL grew its position in Solar Capital by 15.8% in the 3rd quarter. Pekin Singer Strauss Asset Management IL now owns 118,285 shares of the financial services provider’s stock valued at $2,529,000 after buying an additional 16,150 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in Solar Capital by 14.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 95,165 shares of the financial services provider’s stock valued at $1,931,000 after buying an additional 11,867 shares during the last quarter. JPMorgan Chase & Co. grew its position in Solar Capital by 14.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 826,552 shares of the financial services provider’s stock valued at $17,672,000 after buying an additional 106,198 shares during the last quarter. Finally, Cliffwater LLC grew its position in Solar Capital by 61.5% in the 3rd quarter. Cliffwater LLC now owns 143,358 shares of the financial services provider’s stock valued at $3,065,000 after buying an additional 54,616 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.
NASDAQ:SLRC traded down $0.10 during mid-day trading on Friday, hitting $21.37. The stock had a trading volume of 4,071 shares, compared to its average volume of 93,388. The stock has a market cap of $905.42 million, a price-to-earnings ratio of 12.07, a price-to-earnings-growth ratio of 2.40 and a beta of 0.71. Solar Capital has a twelve month low of $18.45 and a twelve month high of $22.00. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.52.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 3rd. Shareholders of record on Thursday, March 21st will be paid a $0.41 dividend. The ex-dividend date is Wednesday, March 20th. This represents a $1.64 annualized dividend and a yield of 7.67%. Solar Capital’s dividend payout ratio is currently 92.66%.
Solar Capital Company Profile
Solar Capital Ltd. is a business development company specializing in secured debt (first lien unitranche and second lien), subordinated (unsecured) debt, minority equity, and strategic income-oriented control equity investments in leveraged middle market companies. The fund invests in aerospace and defense; air freight & logistics; asset management; automotive; banking; beverage, food and tobacco; building products; buildings and real estate; broadcasting and entertainment; cargo transport; commercial services and supplies; communications equipment; chemicals, plastics and rubber; containers, packaging and glass; construction & engineering; diversified/conglomerate manufacturing; consumer Finance; distributors; diversified/conglomerate services; diversified financial services; diversified real estate sctivities; food products; Footwear; Education Services; diversified telecommunications services; electronics; farming and agriculture; finance; grocery; health care equipment and supplies; health care facilities; education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; restaurants, leisure, amusement, and entertainment; leisure equipment tolls and services, media, multiline retail, multi sector holdings; paper and forest products; personal products; professional services, research and consulting services, software; specialty retail; textiles apparel and luxury goods, thrifts and mortgage finance, trading companies and distributors, utilities, and wireless telecommunication services; industrial conglomerates; internet software and services, IT services, machinery; mining, steel, iron, and non precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities.
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