Main Street Capital (NYSE:MAIN) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Main Street Capital (NYSE:MAIN) from a hold rating to a sell rating in a report issued on Sunday morning,Wall Street Zen reports.

Several other research firms also recently weighed in on MAIN. Truist Financial upped their price objective on shares of Main Street Capital from $53.00 to $57.00 and gave the stock a “hold” rating in a report on Monday, August 10th. UBS Group cut their target price on Main Street Capital from $62.00 to $57.00 and set a “neutral” rating on the stock in a research report on Friday. Citigroup reiterated a “market outperform” rating on shares of Main Street Capital in a report on Monday, August 10th. Wells Fargo & Company upgraded Main Street Capital from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $55.00 to $60.00 in a report on Tuesday, September 29th. Finally, Zacks Research raised Main Street Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $61.00.

Main Street Capital Trading Up 0.3%

Shares of Main Street Capital stock opened at $53.82 on Friday. The stock has a market capitalization of $5.03 billion, a PE ratio of 13.55 and a beta of 0.74. Main Street Capital has a 52 week low of $48.95 and a 52 week high of $65.23. The stock has a 50 day moving average price of $56.80 and a two-hundred day moving average price of $54.22. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.05 and a current ratio of 0.05.

Main Street Capital (NYSE:MAIN) last issued its earnings results on Thursday, August 6th. The financial services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Main Street Capital had a return on equity of 11.80% and a net margin of 78.49%. The company had revenue of $327.56 million for the quarter, compared to analyst estimates of $144.59 million. As a group, equities analysts anticipate that Main Street Capital will post 3.77 earnings per share for the current fiscal year.

Main Street Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be issued a $0.2650 dividend. The ex-dividend date of this dividend is Tuesday, December 8th. This represents a $3.18 annualized dividend and a yield of 5.9%. Main Street Capital’s dividend payout ratio (DPR) is 64.11%.

Insiders Place Their Bets

In other news, CAO Ryan Mchugh acquired 2,550 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average cost of $59.05 per share, for a total transaction of $150,577.50. Following the purchase, the chief accounting officer owned 22,647 shares of the company’s stock, valued at approximately $1,337,305.35. The trade was a 12.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Main Street Capital

Several large investors have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. raised its holdings in shares of Main Street Capital by 9.8% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 29,544 shares of the financial services provider’s stock valued at $1,626,000 after acquiring an additional 2,631 shares in the last quarter. Wedmont Private Capital boosted its position in shares of Main Street Capital by 10.6% during the 3rd quarter. Wedmont Private Capital now owns 18,730 shares of the financial services provider’s stock valued at $1,020,000 after acquiring an additional 1,802 shares during the last quarter. CX Institutional bought a new stake in shares of Main Street Capital during the 3rd quarter valued at about $65,000. Confluence Investment Management LLC boosted its position in shares of Main Street Capital by 2.7% during the 3rd quarter. Confluence Investment Management LLC now owns 96,050 shares of the financial services provider’s stock valued at $5,288,000 after acquiring an additional 2,564 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Main Street Capital by 8.9% during the second quarter. Sequoia Financial Advisors LLC now owns 6,691 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 549 shares in the last quarter. Hedge funds and other institutional investors own 20.31% of the company’s stock.

About Main Street Capital

Main Street Capital Corporation is a business development company that provides customized debt and equity financing to privately owned businesses. The company primarily supports lower middle market companies, as well as certain middle market businesses, that may require capital for growth, acquisitions, recapitalizations, refinancings, or ownership transitions.

Main Street typically invests in the form of secured debt, subordinated debt, equity investments, and warrants. Its lower middle market investments are often made in partnership with company owners and management teams, while its middle market activities generally involve providing longer-term debt capital to established businesses.