Citadel Advisors LLC purchased a new stake in shares of Portman Ridge Finance Corp (NASDAQ:PTMN) during the second quarter, Holdings Channel reports. The fund purchased 18,903 shares of the company’s stock, valued at approximately $43,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. bought a new stake in Portman Ridge Finance during the second quarter valued at $30,000. LPL Financial LLC bought a new stake in Portman Ridge Finance during the second quarter valued at $30,000. HighTower Advisors LLC bought a new stake in Portman Ridge Finance during the second quarter valued at $34,000. Almitas Capital LLC bought a new stake in Portman Ridge Finance during the first quarter valued at $70,000. Finally, Morgan Stanley bought a new stake in Portman Ridge Finance during the second quarter valued at $53,000. 26.82% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have commented on PTMN shares. TheStreet cut shares of Portman Ridge Finance from a “c-” rating to a “d+” rating in a research report on Wednesday, July 17th. ValuEngine raised shares of Portman Ridge Finance from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research cut shares of Portman Ridge Finance from a “hold” rating to a “sell” rating in a research report on Tuesday.
Shares of PTMN opened at $2.21 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $82.56 million, a PE ratio of 8.19 and a beta of 0.71. The firm’s fifty day moving average price is $2.29. Portman Ridge Finance Corp has a 12 month low of $2.10 and a 12 month high of $3.80.
Portman Ridge Finance (NASDAQ:PTMN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.04). The firm had revenue of $6.91 million for the quarter. Portman Ridge Finance had a negative net margin of 86.64% and a positive return on equity of 2.41%. As a group, research analysts forecast that Portman Ridge Finance Corp will post 0.17 EPS for the current fiscal year.
In related news, CEO Edward J. Goldthorpe acquired 11,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were bought at an average price of $2.29 per share, with a total value of $26,335.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have bought a total of 32,639 shares of company stock worth $73,509 in the last three months. Insiders own 6.30% of the company’s stock.
Portman Ridge Finance Profile
Portman Ridge Finance Corp. is a private equity fund and non-diversified closed-end investment company that invests in middle market companies generating consistent cash flows located in North America. It targets companies operating across a broad range of sectors such as aerospace and defense, automotive, beverage, food and tobacco, broadcasting and entertainment, buildings and real estate, personal and cargo transport, chemicals, plastics and rubber, containers, packaging and glass, diversified or conglomerate service, ecological, electronics, finance, and healthcare.
Further Reading: Basic Economics
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