Brokerages forecast that Solar Capital Ltd. (NASDAQ:SLRC) will report $30.76 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Solar Capital’s earnings, with the highest sales estimate coming in at $31.49 million and the lowest estimate coming in at $30.03 million. Solar Capital reported sales of $39.71 million in the same quarter last year, which would suggest a negative year over year growth rate of 22.5%. The business is expected to issue its next quarterly earnings report on Monday, November 2nd.
According to Zacks, analysts expect that Solar Capital will report full-year sales of $125.82 million for the current year, with estimates ranging from $122.03 million to $129.61 million. For the next financial year, analysts anticipate that the firm will post sales of $154.09 million, with estimates ranging from $145.58 million to $162.59 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Solar Capital.
Solar Capital (NASDAQ:SLRC) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). The business had revenue of $28.63 million during the quarter, compared to analysts’ expectations of $30.51 million. Solar Capital had a positive return on equity of 7.51% and a negative net margin of 7.14%.
SLRC has been the topic of several research reports. Wells Fargo & Company upped their target price on Solar Capital from $16.50 to $17.25 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. BidaskClub raised Solar Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, September 15th. Zacks Investment Research lowered Solar Capital from a “hold” rating to a “sell” rating in a research report on Thursday, September 17th. Finally, LADENBURG THALM/SH SH raised Solar Capital from a “neutral” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Friday, August 7th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $18.59.
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Large investors have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. bought a new stake in Solar Capital during the 1st quarter valued at approximately $25,000. Tower Research Capital LLC TRC bought a new stake in Solar Capital during the 1st quarter valued at approximately $27,000. Envestnet Asset Management Inc. boosted its stake in Solar Capital by 22.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 11,904 shares of the financial services provider’s stock valued at $139,000 after purchasing an additional 2,179 shares during the period. GM Advisory Group Inc. bought a new stake in Solar Capital during the 1st quarter valued at approximately $141,000. Finally, Oppenheimer & Co. Inc. bought a new stake in Solar Capital during the 1st quarter valued at approximately $162,000. Hedge funds and other institutional investors own 55.44% of the company’s stock.
Shares of Solar Capital stock opened at $15.76 on Tuesday. The stock has a 50-day moving average price of $16.68 and a 200 day moving average price of $15.51. The company has a market cap of $666.02 million, a P/E ratio of -65.66 and a beta of 1.31. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. Solar Capital has a 1 year low of $7.42 and a 1 year high of $21.24.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Thursday, September 17th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.64 annualized dividend and a yield of 10.41%. Solar Capital’s payout ratio is 95.91%.
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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