Zacks Investment Research cut shares of Portman Ridge Finance (NASDAQ:PTMN) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.
According to Zacks, “Portman Ridge Finance Corporation is an investment company. It focuses on investment in consumer products, food and beverages, heathcare, logistics and distribution, media, telecommunication, education, aerospace and defense, industrial and environmental industries. Portman Ridge Finance Corporation, formerly known as KCAP Financial Inc., is based in New York, United States. “
PTMN stock opened at $1.25 on Tuesday. The stock’s 50 day simple moving average is $1.20 and its 200 day simple moving average is $1.16. Portman Ridge Finance has a 12-month low of $0.75 and a 12-month high of $2.39. The firm has a market cap of $55.62 million, a P/E ratio of -2.12 and a beta of 1.34. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 1.43.
Portman Ridge Finance (NASDAQ:PTMN) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. Portman Ridge Finance had a negative net margin of 91.87% and a positive return on equity of 7.42%. On average, research analysts forecast that Portman Ridge Finance will post 0.21 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 17th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.24 dividend on an annualized basis and a yield of 19.20%. Portman Ridge Finance’s dividend payout ratio is currently 300.00%.
In other news, CIO Patrick Schafer purchased 25,000 shares of Portman Ridge Finance stock in a transaction dated Wednesday, August 12th. The stock was bought at an average price of $1.28 per share, with a total value of $32,000.00. Following the completion of the acquisition, the executive now owns 49,500 shares in the company, valued at approximately $63,360. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders acquired 36,469 shares of company stock worth $45,407 over the last ninety days. 4.73% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. bought a new stake in Portman Ridge Finance during the 2nd quarter valued at $493,000. Advisor Group Holdings Inc. acquired a new stake in Portman Ridge Finance in the first quarter worth about $73,000. Arbiter Partners Capital Management LLC grew its position in Portman Ridge Finance by 110.6% in the 2nd quarter. Arbiter Partners Capital Management LLC now owns 345,615 shares of the company’s stock valued at $380,000 after buying an additional 181,494 shares in the last quarter. Finally, Eidelman Virant Capital acquired a new position in Portman Ridge Finance during the 2nd quarter valued at about $114,000. 18.81% of the stock is owned by institutional investors and hedge funds.
About Portman Ridge Finance
Portman Ridge Finance Corp. is a private equity fund and non-diversified closed-end investment company that invests in middle market companies generating consistent cash flows located in North America. It targets companies operating across a broad range of sectors such as aerospace and defense, automotive, beverage, food and tobacco, broadcasting and entertainment, buildings and real estate, personal and cargo transport, chemicals, plastics and rubber, containers, packaging and glass, diversified or conglomerate service, ecological, electronics, finance, and healthcare.
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