Main Street Capital Corporation (MAIN) – Research Analysts’ Recent Ratings Updates

Main Street Capital Corporation (NYSE: MAIN) recently received a number of ratings updates from brokerages and research firms:

  • 11/9/2017 – Main Street Capital Corporation was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Main Street Capital Corporation is a specialty investment company providing customized financing solutions to lower middle market companies which operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides one stop financing alternatives to its portfolio companies. “
  • 11/8/2017 – Main Street Capital Corporation was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $46.00 price target on the stock. According to Zacks, “Main Street Capital Corporation is a specialty investment company providing customized financing solutions to lower middle market companies which operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides one stop financing alternatives to its portfolio companies. “
  • 11/7/2017 – Main Street Capital Corporation was upgraded by analysts at Raymond James Financial, Inc. from an “underperform” rating to a “market perform” rating.
  • 11/6/2017 – Main Street Capital Corporation had its “sell” rating reaffirmed by analysts at National Securities. They now have a $33.00 price target on the stock. They wrote, “• MAIN posted NII/share of $0.60 for 3Q17, exceeding our estimate of $0.58 and consensus estimates of $0.57. Fee income was down to $1.9 million from $3.1 million Q/Q but dividend income increased significantly to $10.1 million from $8.1 million with roughly $1.7 million being considered “non-recurring”.

    • NAV/share was up 1.7% on the quarter largely from an out-earned dividend and unrealized appreciation, partially offset by net realized losses of $10.7 million. The company sold $40.0 million of stock under its ATM (at-the-market) program during the quarter at an average price of $39.58, representing a whopping 75% premium to 2Q17 NAV/share. We expect the highly accretive issuances to continue on a flow basis with total D/E ranging from 0.64x – 0.69x through the end of 2018, by our estimates.

    • Asset quality remains sound with non-accruals at cost increasing slightly Q/Q to $55.2 million or 2.7% of the portfolio from $51.0 million or 2.5%. One new company, CapFusion, LLC, was placed on non-accrual status with an amortized cost of $11.5 million.

    • While we continue to hold Main Street’s management in high esteem and respect the performance of the company, at nearly 80% above NAV/share, we find the valuation to be untenable.

    • We are revising our 2017 NII/share estimate to $2.33 from $2.31 and are maintaining our 2018 NII/share estimate of $2.42.”
  • 10/17/2017 – Main Street Capital Corporation was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 10/10/2017 – Main Street Capital Corporation was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Main Street Capital Corporation is a specialty investment company providing customized financing solutions to lower middle market companies which operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides one stop financing alternatives to its portfolio companies. “
  • 10/7/2017 – Main Street Capital Corporation was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.

Shares of Main Street Capital Corporation (NYSE MAIN) traded down $0.39 during trading hours on Monday, hitting $40.71. The company had a trading volume of 239,000 shares, compared to its average volume of 237,299. The stock has a market capitalization of $2,300.00, a PE ratio of 17.62 and a beta of 1.05. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.10 and a current ratio of 0.10. Main Street Capital Corporation has a one year low of $35.25 and a one year high of $41.79.

Main Street Capital Corporation (NYSE:MAIN) last issued its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. The business had revenue of $51.79 million for the quarter, compared to analyst estimates of $50.89 million. Main Street Capital Corporation had a return on equity of 10.14% and a net margin of 79.87%. Main Street Capital Corporation’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $0.58 earnings per share. analysts anticipate that Main Street Capital Corporation will post 2.33 earnings per share for the current year.

The company also recently announced a monthly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 19th will be paid a $0.19 dividend. The ex-dividend date is Thursday, January 18th. This represents a $2.28 annualized dividend and a dividend yield of 5.60%. Main Street Capital Corporation’s payout ratio is presently 80.57%.

Main Street Capital Corporation (MSCC) is a principal investment firm. MSCC’s principal investment objective is to maximize its portfolio’s total return by generating current income from the Company’s debt investments and capital appreciation from its equity and equity related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company.

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