Sound Point Meridian Capital (NYSE:SPMC) Downgraded to Strong Sell Rating by Zacks Research

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

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

Sound Point Meridian Capital Stock Up 4.1%

Shares of NYSE SPMC opened at $11.04 on Monday. Sound Point Meridian Capital has a twelve month low of $9.10 and a twelve month high of $22.30. The stock’s 50 day moving average price is $12.86 and its 200-day moving average price is $15.15. The company has a market capitalization of $226.32 million, a PE ratio of -3.13 and a beta of 0.68.

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

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Thomas J. Herzfeld Advisors Inc. purchased a new stake in shares of Sound Point Meridian Capital in the fourth quarter valued at approximately $189,000. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital in the 3rd quarter worth approximately $267,000. Virtus Investment Advisers LLC boosted its position in shares of Sound Point Meridian Capital by 7.5% during the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after buying an additional 2,061 shares during the period. Everest Management Corp. boosted its holdings in Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after acquiring an additional 4,243 shares during the period. Finally, Marshall Wace LLP grew its holdings in shares of Sound Point Meridian Capital by 35.4% in the second 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 in 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.