Sound Point Meridian Capital (NYSE:SPMC) Cut to Strong Sell at Zacks Research

Sound Point Meridian Capital (NYSE:SPMC) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts also recently commented on SPMC. B. Riley Financial reaffirmed a “neutral” rating and set a $12.00 target price (down from $16.00) on shares of Sound Point Meridian Capital in a report on Thursday, February 12th. iA Financial set a $18.50 price target on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. Compass Point set a $12.00 target price on Sound Point Meridian Capital in a research report on Wednesday, February 11th. Finally, Oppenheimer set a $20.00 price objective on Sound Point Meridian Capital in a report on Monday, December 1st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sound Point Meridian Capital currently has a consensus rating of “Hold” and a consensus target price of $16.50.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock opened at $11.04 on Monday. Sound Point Meridian Capital has a 1-year low of $9.10 and a 1-year high of $22.30. The firm has a fifty day moving average of $12.86 and a two-hundred day moving average of $15.15. The firm has a market cap of $226.32 million, a P/E ratio of -3.13 and a beta of 0.68.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.11). The firm had revenue of $17.95 million during the quarter, compared to the consensus estimate of $20.45 million.

Insider Buying and Selling

In other Sound Point Meridian Capital news, Director Matthew E. Forstenhausler bought 4,118 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was bought at an average price of $13.60 per share, for a total transaction of $56,004.80. Following the transaction, the director owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. The trade was a 187.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the completion of the sale, the insider directly owned 5,269,690 shares of the company’s stock, valued at approximately $75,409,263.90. This trade represents a 0.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have purchased 11,480 shares of company stock worth $150,127 and have sold 10,701 shares worth $154,990. 0.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPMC. Thomas J. Herzfeld Advisors Inc. acquired a new position in Sound Point Meridian Capital during the fourth quarter worth $189,000. Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital in the third quarter worth $267,000. Virtus Investment Advisers LLC boosted its position in shares of Sound Point Meridian Capital by 7.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after acquiring an additional 2,061 shares in the last quarter. Everest Management Corp. raised its holdings in shares of Sound Point Meridian Capital by 3.7% during the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after buying an additional 2,697 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares during the last quarter.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches. Sound Point Meridian Capital Inc is based in NEW YORK.