Sound Point Meridian Capital, Inc. (NYSE:SPMC) Sees Large Growth in Short Interest

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant increase in short interest in January. As of January 15th, there was short interest totaling 9,402 shares, an increase of 34.3% from the December 31st total of 7,002 shares. Based on an average daily volume of 27,509 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.0% of the shares of the company are short sold. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 27,509 shares, the days-to-cover ratio is currently 0.3 days.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SPMC. Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a research report on Monday, December 1st. B. Riley dropped their price target on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Finally, Industrial Alliance Securities set a $18.50 price target on Sound Point Meridian Capital in a research note on Thursday, November 13th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $18.90.

Sound Point Meridian Capital Price Performance

Shares of NYSE:SPMC traded down $0.30 during midday trading on Friday, reaching $13.91. The company’s stock had a trading volume of 28,480 shares, compared to its average volume of 19,948. The business’s fifty day simple moving average is $14.10 and its 200-day simple moving average is $16.21. Sound Point Meridian Capital has a fifty-two week low of $13.06 and a fifty-two week high of $22.30. The company has a market capitalization of $285.05 million, a P/E ratio of 69.53 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings results on Thursday, November 13th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $20.23 million for the quarter, compared to analyst estimates of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a dividend of $0.25 per share. This represents a c) annualized dividend and a dividend yield of 21.6%. The ex-dividend date of this dividend is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is 1,500.00%.

Insider Transactions at Sound Point Meridian Capital

In related news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total transaction of $65,282.22. Following the sale, the insider owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. The trade was a 0.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew E. Forstenhausler bought 4,118 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were purchased at an average cost of $13.60 per share, with a total value of $56,004.80. Following the purchase, the director directly owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This represents a 187.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 8,480 shares of company stock worth $115,727 and have sold 10,566 shares worth $153,269. 0.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital during the third quarter worth about $267,000. Everest Management Corp. raised its position in shares of Sound Point Meridian Capital by 3.7% in the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after acquiring an additional 2,697 shares during the period. Kim LLC bought a new position in Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000. Finally, Marshall Wace LLP grew its holdings in Sound Point Meridian Capital by 35.4% during 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 during the period.

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.