Maxim Group initiated coverage on shares of MVC Capital, Inc. (NYSE:MVC) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage set a “buy” rating and a $12.50 price target on the investment management company’s stock. Maxim Group’s price target would indicate a potential upside of 21.01% from the company’s previous close.

Shares of MVC Capital (NYSE MVC) traded down 0.19% during mid-day trading on Thursday, reaching $10.33. The company had a trading volume of 34,234 shares. The firm’s 50-day moving average price is $10.12 and its 200 day moving average price is $9.66. MVC Capital has a 52-week low of $8.22 and a 52-week high of $10.47.

MVC Capital announced that its Board of Directors has authorized a stock repurchase plan on Friday, July 21st that authorizes the company to repurchase $15.00 million in shares. This repurchase authorization authorizes the investment management company to buy shares of its stock through a dutch auction. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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Several hedge funds have recently modified their holdings of MVC. City of London Investment Management Co. Ltd. increased its stake in shares of MVC Capital by 88.5% in the second quarter. City of London Investment Management Co. Ltd. now owns 150,773 shares of the investment management company’s stock valued at $1,490,000 after buying an additional 70,773 shares during the period. Punch & Associates Investment Management Inc. grew its stake in MVC Capital by 9.9% during the second quarter. Punch & Associates Investment Management Inc. now owns 245,237 shares of the investment management company’s stock worth $2,418,000 after purchasing an additional 22,079 shares during the period. Legal & General Group Plc grew its stake in MVC Capital by 6.3% during the second quarter. Legal & General Group Plc now owns 54,808 shares of the investment management company’s stock worth $542,000 after purchasing an additional 3,256 shares during the period. BB&T Securities LLC grew its stake in MVC Capital by 12.7% during the second quarter. BB&T Securities LLC now owns 12,638 shares of the investment management company’s stock worth $124,000 after purchasing an additional 1,429 shares during the period. Finally, Eagle Global Advisors LLC grew its stake in MVC Capital by 2.6% during the second quarter. Eagle Global Advisors LLC now owns 39,347 shares of the investment management company’s stock worth $388,000 after purchasing an additional 1,000 shares during the period. 43.50% of the stock is owned by institutional investors.

MVC Capital Company Profile

MVC Capital, Inc is a non-diversified closed-end management investment company. The Company’s investment objective is to seek to maximize total return from capital appreciation and/or income. The Company’s segments are its investing operations as a business development company, which includes MVC Cayman and MVC Turf, LLC and MVC Financial Services, Inc (MVCFS).

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