Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Update

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant drop in short interest in the month of February. As of February 27th, there was short interest totaling 17,922 shares, a drop of 46.4% from the February 12th total of 33,466 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average daily volume of 51,140 shares, the days-to-cover ratio is currently 0.4 days. Based on an average daily volume of 51,140 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the company’s stock are short sold.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total transaction of $65,282.22. Following the transaction, the insider owned 5,269,690 shares in the company, valued at approximately $75,409,263.90. This represents 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 accessible through this link. Also, Director Matthew E. Forstenhausler acquired 4,118 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were bought at an average cost of $13.60 per share, for a total transaction of $56,004.80. Following the transaction, the director directly owned 6,318 shares in the company, valued at approximately $85,924.80. This represents a 187.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 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.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds have recently modified their holdings of the company. Thomas J. Herzfeld Advisors Inc. purchased a new position in shares of Sound Point Meridian Capital in the 4th quarter worth approximately $189,000. Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the third quarter valued at approximately $267,000. Virtus Investment Advisers LLC lifted its holdings in 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 acquiring an additional 2,061 shares during the period. Everest Management Corp. lifted its holdings in Sound Point Meridian Capital by 3.7% during the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after acquiring an additional 2,697 shares during the period. Finally, Marshall Wace LLP boosted its position in Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter.

Sound Point Meridian Capital Stock Up 0.5%

SPMC stock traded up $0.05 during mid-day trading on Thursday, reaching $9.73. 53,924 shares of the company traded hands, compared to its average volume of 36,917. The firm’s 50 day moving average price is $12.51 and its 200 day moving average price is $14.86. The stock has a market cap of $199.44 million, a price-to-earnings ratio of -2.76 and a beta of 0.68. Sound Point Meridian Capital has a fifty-two week low of $9.10 and a fifty-two week high of $21.75.

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

Sound Point Meridian Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.20 dividend. This represents a c) dividend on an annualized basis and a yield of 24.7%. The ex-dividend date of this dividend is Monday, June 15th. Sound Point Meridian Capital’s dividend payout ratio is presently -84.99%.

Analysts Set New Price Targets

A number of brokerages have commented on SPMC. Oppenheimer set a $20.00 price objective on Sound Point Meridian Capital in a research note on Monday, December 1st. iA Financial set a $18.50 target price on Sound Point Meridian Capital in a report on Thursday, November 13th. Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Monday, March 2nd. Finally, Compass Point set a $12.00 price objective on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. One 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. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $16.50.

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.