TICC Capital Corp. (TICC) Receives Sell Rating from National Securities
TICC Capital Corp. (NASDAQ:TICC)‘s stock had its “sell” rating reiterated by research analysts at National Securities in a research report issued to clients and investors on Monday. They currently have a $6.00 target price on the investment management company’s stock. National Securities’ price target would suggest a potential downside of 8.81% from the company’s current price.
The analysts wrote, “• For 2Q17, TICC posted core NII/share of $0.18 versus the dividend of $0.20 and our estimate of $0.22. The variance from our estimate was primarily due to the fact that we had modeled CLO equity additional taxable income of $4.0 million for the quarter versus the actual result of $1.7 million. It is noteworthy that the refinances and resets completed by TICC should bolster cash yields on its CLO equity positions, which will serve to augment this measure going forward. Additionally, TICC ended the quarter with an outsized cash position of $88.8 million (and another $61.1 million of restricted cash) to pay for its maturing convertible notes in 3Q17. We expect core NII to improve going forward as a result of lower funding costs and the tailwind of CLO equity refinances and resets.
• NAV/share was down only 2 cents Q/Q to $7.51 as loan markets remain strong and we expect this to the be the case through the remainder of 2017. However, we expect renewed loan market volatility to hit NAV/share and thus economic return in 2018, although this should concomitantly benefit CLO equity economics.
• We are revising our core NII/share estimate for 2017 to $0.96 from to $1.02 and our 2018 core NII/share estimate to $1.06 from $1.03.”
TICC has been the topic of several other research reports. Barclays PLC reaffirmed a “sell” rating and issued a $6.00 price target on shares of TICC Capital Corp. in a report on Wednesday, May 24th. BidaskClub downgraded shares of TICC Capital Corp. from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded shares of TICC Capital Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Finally, TheStreet downgraded shares of TICC Capital Corp. from a “b” rating to a “c+” rating in a report on Friday, June 2nd. Four investment analysts have rated the stock with a sell rating and one has given a hold rating to the company’s stock. The stock presently has an average rating of “Sell” and a consensus price target of $6.75.
Shares of TICC Capital Corp. (TICC) opened at 6.58 on Monday. The firm has a market cap of $338.73 million, a P/E ratio of 2.80 and a beta of 0.69. TICC Capital Corp. has a 12-month low of $5.51 and a 12-month high of $8.19. The firm has a 50-day moving average of $6.66 and a 200-day moving average of $7.13.
TICC Capital Corp. (NASDAQ:TICC) last announced its quarterly earnings results on Tuesday, August 8th. The investment management company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.01. TICC Capital Corp. had a net margin of 142.50% and a return on equity of 7.50%. The business had revenue of $17.01 million during the quarter, compared to analysts’ expectations of $14.60 million. During the same period last year, the company earned $0.32 EPS. On average, equities analysts forecast that TICC Capital Corp. will post $0.64 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of TICC. BlueCrest Capital Management Ltd purchased a new position in TICC Capital Corp. during the first quarter worth $131,000. Van ECK Associates Corp raised its position in TICC Capital Corp. by 29.0% in the first quarter. Van ECK Associates Corp now owns 393,663 shares of the investment management company’s stock worth $2,905,000 after buying an additional 88,544 shares in the last quarter. Airain ltd purchased a new position in TICC Capital Corp. during the first quarter worth $211,000. Two Sigma Securities LLC raised its position in TICC Capital Corp. by 85.6% in the first quarter. Two Sigma Securities LLC now owns 23,071 shares of the investment management company’s stock worth $170,000 after buying an additional 10,641 shares in the last quarter. Finally, Muzinich & Co. Inc. raised its position in TICC Capital Corp. by 629.5% in the first quarter. Muzinich & Co. Inc. now owns 1,439,532 shares of the investment management company’s stock worth $10,624,000 after buying an additional 1,242,211 shares in the last quarter. 19.79% of the stock is owned by institutional investors and hedge funds.
About TICC Capital Corp.
TICC Capital Corp. is a closed-end, non-diversified management investment company. The Company’s investment objective is to maximize its portfolio’s total return. The Company primarily focuses on seeking current income by investing primarily in corporate debt securities. The Company’s debt investments may include syndicated loans and bilateral loans.
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