Punch & Associates Investment Management Inc. decreased its holdings in shares of Portman Ridge Finance Co. (NASDAQ:PTMN) by 32.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 578,186 shares of the company’s stock after selling 282,726 shares during the period. Punch & Associates Investment Management Inc.’s holdings in Portman Ridge Finance were worth $1,249,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Calton & Associates Inc. acquired a new position in Portman Ridge Finance during the first quarter worth $41,000. Baird Financial Group Inc. acquired a new position in Portman Ridge Finance during the first quarter worth $48,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Portman Ridge Finance in the first quarter valued at about $66,000. Ancora Advisors LLC purchased a new stake in shares of Portman Ridge Finance in the fourth quarter valued at about $87,000. Finally, Cannell Capital LLC purchased a new stake in shares of Portman Ridge Finance in the first quarter valued at about $114,000. Hedge funds and other institutional investors own 11.47% of the company’s stock.
PTMN opened at $2.28 on Thursday. The company has a market capitalization of $171.43 million, a price-to-earnings ratio of 7.35 and a beta of 1.23. The firm’s 50-day moving average is $2.37. The company has a debt-to-equity ratio of 1.40, a quick ratio of 3.18 and a current ratio of 3.18. Portman Ridge Finance Co. has a fifty-two week low of $1.04 and a fifty-two week high of $2.48.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 1st. Shareholders of record on Wednesday, May 19th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, May 18th. This represents a $0.24 dividend on an annualized basis and a yield of 10.53%. Portman Ridge Finance’s dividend payout ratio is presently 70.59%.
Several analysts have recently commented on PTMN shares. Zacks Investment Research downgraded shares of Portman Ridge Finance from a “buy” rating to a “hold” rating in a report on Friday, July 9th. TheStreet downgraded shares of Portman Ridge Finance from a “b-” rating to a “c” rating in a report on Tuesday, May 25th.
Portman Ridge Finance Profile
Portman Ridge Finance Corp seeks investment opportunities in companies located in the US with EBITDA ranging from $5 million to $25 million. The fund targets companies operating in the fields of aerospace/ defense, business services, consumer products, education, food & beverage, healthcare, industrial & environmental services, logistic & distribution and media & telecommunications.
Recommended Story: Understanding the two types of arbitrage
Want to see what other hedge funds are holding PTMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Portman Ridge Finance Co. (NASDAQ:PTMN).
Receive News & Ratings for Portman Ridge Finance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Portman Ridge Finance and related companies with MarketBeat.com's FREE daily email newsletter.