THL Credit (NASDAQ:TCRD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “THL Credit Inc. is a newly-organized, externally-managed, non-diversified closed-end management investment company that has filed an election to be treated as a business development company. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company invests primarily in private subordinated debt, or mezzanine debt, in middle market companies that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. The Company’s investment activities are managed by its investment adviser, THL Credit Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. “

TCRD has been the subject of a number of other research reports. Deutsche Bank dropped their price target on THL Credit from $7.50 to $6.00 and set a “hold” rating for the company in a research note on Friday, March 6th. Maxim Group reaffirmed a “hold” rating on shares of THL Credit in a research note on Wednesday, December 11th. Five analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and an average target price of $6.75.

TCRD stock traded up $0.61 during midday trading on Thursday, reaching $2.30. The company had a trading volume of 39,802 shares, compared to its average volume of 311,210. The company has a market capitalization of $69.08 million, a price-to-earnings ratio of -2.92 and a beta of 0.93. The stock has a 50 day moving average price of $5.26 and a 200-day moving average price of $6.33. THL Credit has a 1-year low of $1.56 and a 1-year high of $7.04. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.24 and a quick ratio of 0.24.

THL Credit (NASDAQ:TCRD) last posted its quarterly earnings results on Thursday, March 5th. The investment management company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.05). The company had revenue of $10.10 million during the quarter, compared to analyst estimates of $11.99 million. THL Credit had a negative net margin of 46.84% and a positive return on equity of 10.52%. As a group, research analysts anticipate that THL Credit will post 0.69 earnings per share for the current year.

In other THL Credit news, insider James R. Fellows bought 32,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were purchased at an average price of $3.10 per share, for a total transaction of $99,200.00. Following the completion of the transaction, the insider now directly owns 59,000 shares in the company, valued at approximately $182,900. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Medhi Mahmud bought 37,266 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was acquired at an average price of $2.74 per share, for a total transaction of $102,108.84. In the last quarter, insiders acquired 90,066 shares of company stock worth $263,109. Company insiders own 0.63% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in TCRD. Tower Research Capital LLC TRC lifted its stake in THL Credit by 3,410.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,162 shares of the investment management company’s stock valued at $58,000 after buying an additional 8,901 shares during the period. Stifel Financial Corp acquired a new position in shares of THL Credit during the fourth quarter worth approximately $63,000. Marshall Wace LLP acquired a new position in shares of THL Credit during the fourth quarter worth approximately $78,000. Virtu Financial LLC acquired a new position in shares of THL Credit during the fourth quarter worth approximately $81,000. Finally, California Public Employees Retirement System acquired a new position in shares of THL Credit during the fourth quarter worth approximately $167,000. Hedge funds and other institutional investors own 47.13% of the company’s stock.

THL Credit Company Profile

THL Credit, Inc is a business development company specializing in direct and fund of fund investments. The fund seeks to invest in debt and equity securities of middle market companies. It seeks to invest in PIPES, growth, acquisition, market or product expansion, recapitalization, mature, and change of control transactions in both sponsored and unsponsored issuers.

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