Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) Sees Large Drop in Short Interest

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) saw a large decrease in short interest in January. As of January 15th, there was short interest totaling 471,830 shares, a decrease of 38.1% from the December 31st total of 762,848 shares. Approximately 1.0% of the shares of the stock are sold short. Based on an average daily volume of 251,900 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily volume of 251,900 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.0% of the shares of the stock are sold short.

Insider Buying and Selling

In related news, Treasurer Shaul Vichness purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average price of $14.20 per share, with a total value of $71,000.00. Following the completion of the purchase, the treasurer directly owned 20,000 shares in the company, valued at $284,000. This trade represents a 33.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kenneth J. Kencel acquired 20,000 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The shares were purchased at an average cost of $14.22 per share, with a total value of $284,400.00. Following the transaction, the chief executive officer directly owned 48,117 shares of the company’s stock, valued at $684,223.74. This trade represents a 71.13% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 27,000 shares of company stock worth $383,600. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Nuveen Churchill Direct Lending

Several hedge funds and other institutional investors have recently made changes to their positions in NCDL. Tranquility Partners LLC grew its holdings in shares of Nuveen Churchill Direct Lending by 15.8% during the second quarter. Tranquility Partners LLC now owns 84,333 shares of the company’s stock worth $1,365,000 after purchasing an additional 11,510 shares during the last quarter. Atlatl Advisers LLC acquired a new stake in Nuveen Churchill Direct Lending during the 2nd quarter worth approximately $173,000. Y Intercept Hong Kong Ltd boosted its position in Nuveen Churchill Direct Lending by 100.0% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 32,820 shares of the company’s stock worth $531,000 after buying an additional 16,408 shares during the period. Magnetar Financial LLC bought a new stake in Nuveen Churchill Direct Lending during the 2nd quarter worth approximately $773,000. Finally, Virtus Investment Advisers LLC increased its position in Nuveen Churchill Direct Lending by 12.2% in the 2nd quarter. Virtus Investment Advisers LLC now owns 22,453 shares of the company’s stock valued at $364,000 after acquiring an additional 2,438 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NCDL. Keefe, Bruyette & Woods decreased their price objective on shares of Nuveen Churchill Direct Lending from $17.00 to $16.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 5th. Wall Street Zen raised Nuveen Churchill Direct Lending from a “sell” rating to a “hold” rating in a report on Saturday, December 20th. Wells Fargo & Company decreased their price target on Nuveen Churchill Direct Lending from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 5th. UBS Group lowered their price target on Nuveen Churchill Direct Lending from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Tuesday, October 14th. Finally, Zacks Research raised Nuveen Churchill Direct Lending from a “strong sell” rating to a “hold” rating in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Nuveen Churchill Direct Lending presently has a consensus rating of “Hold” and a consensus price target of $15.75.

Nuveen Churchill Direct Lending Stock Performance

NYSE NCDL opened at $13.42 on Friday. The firm’s fifty day moving average price is $13.99 and its two-hundred day moving average price is $14.77. The stock has a market cap of $662.62 million, a PE ratio of 8.77 and a beta of 0.40. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.65 and a current ratio of 1.65. Nuveen Churchill Direct Lending has a fifty-two week low of $13.03 and a fifty-two week high of $18.01.

Nuveen Churchill Direct Lending (NYSE:NCDL) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). Nuveen Churchill Direct Lending had a net margin of 36.83% and a return on equity of 11.13%. The firm had revenue of $51.11 million during the quarter, compared to the consensus estimate of $52.00 million. On average, equities analysts expect that Nuveen Churchill Direct Lending will post 2.28 EPS for the current fiscal year.

About Nuveen Churchill Direct Lending

Nuveen Churchill Direct Lending (NYSE:NCDL) is a closed-end management investment company that seeks to provide shareholders with attractive risk-adjusted returns through a diversified portfolio of direct lending instruments. Established in early 2022, NCDL focuses on privately negotiated debt investments in middle-market companies, primarily within the United States. The fund offers investors access to a segment of the credit markets that has historically been less correlated with public debt markets, aiming to capture yield premiums associated with private lending.

The fund’s investment strategy centers on senior secured loans, unitranche financings and selectively structured mezzanine debt.