Sound Income Strategies LLC Cuts Holdings in Main Street Capital Corporation $MAIN

Sound Income Strategies LLC trimmed its position in Main Street Capital Corporation (NYSE:MAIN) by 64.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 118,152 shares of the financial services provider’s stock after selling 217,879 shares during the period. Sound Income Strategies LLC’s holdings in Main Street Capital were worth $6,133,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in shares of Main Street Capital during the 4th quarter worth approximately $304,000. NewEdge Advisors LLC boosted its stake in shares of Main Street Capital by 5,416.7% in the 1st quarter. NewEdge Advisors LLC now owns 1,655 shares of the financial services provider’s stock worth $94,000 after buying an additional 1,625 shares during the last quarter. Guggenheim Capital LLC grew its holdings in shares of Main Street Capital by 4.8% in the second quarter. Guggenheim Capital LLC now owns 12,492 shares of the financial services provider’s stock valued at $738,000 after acquiring an additional 570 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Main Street Capital by 2.3% in the second quarter. First Trust Advisors LP now owns 188,296 shares of the financial services provider’s stock valued at $11,128,000 after acquiring an additional 4,317 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Main Street Capital during the second quarter valued at approximately $228,000. Hedge funds and other institutional investors own 20.31% of the company’s stock.

Insider Activity

In other news, EVP Jason B. Beauvais sold 6,830 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $51.73, for a total transaction of $353,315.90. Following the transaction, the executive vice president owned 196,185 shares of the company’s stock, valued at $10,148,650.05. This represents a 3.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on MAIN shares. Royal Bank Of Canada dropped their price target on Main Street Capital from $66.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, May 14th. Wells Fargo & Company initiated coverage on Main Street Capital in a research note on Friday, May 22nd. They issued an “equal weight” rating and a $50.00 price objective for the company. Wall Street Zen lowered Main Street Capital from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Citizens Jmp lowered their target price on Main Street Capital from $74.00 to $70.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 22nd. Finally, Zacks Research cut Main Street Capital from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 28th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Main Street Capital currently has a consensus rating of “Hold” and a consensus price target of $59.14.

Main Street Capital Trading Up 0.0%

Shares of MAIN stock opened at $52.02 on Friday. The company has a 50 day moving average of $52.05 and a 200-day moving average of $56.30. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.11. Main Street Capital Corporation has a 12-month low of $48.95 and a 12-month high of $67.77. The firm has a market cap of $4.84 billion, a P/E ratio of 10.95 and a beta of 0.72.

Main Street Capital (NYSE:MAIN) last posted its quarterly earnings results on Thursday, May 7th. The financial services provider reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.11). Main Street Capital had a return on equity of 12.01% and a net margin of 74.86%.The company had revenue of $73.44 million during the quarter, compared to the consensus estimate of $145.23 million. Sell-side analysts anticipate that Main Street Capital Corporation will post 3.78 earnings per share for the current year.

Main Street Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 8th will be paid a $0.265 dividend. The ex-dividend date is Tuesday, September 8th. This represents a c) annualized dividend and a dividend yield of 6.1%. Main Street Capital’s payout ratio is presently 65.68%.

About Main Street Capital

Main Street Capital Corporation (NYSE: MAIN) is a publicly traded business development company that provides flexible debt and equity capital to lower middle market companies in the United States. Headquartered in Houston, Texas, Main Street Capital was formed in 2007 and operates under the Investment Company Act of 1940. The firm’s management services are provided by Main Street Capital Management, L.P., which focuses on identifying growing private companies with enterprise values typically between $10 million and $150 million.

Main Street Capital’s primary offerings include first-lien senior secured loans, second-lien loans, subordinated debt, and equity co-investments or minority equity positions.