Zacks Research Downgrades Main Street Capital (NYSE:MAIN) to Strong Sell

Main Street Capital (NYSE:MAIN) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other brokerages also recently issued reports on MAIN. Wall Street Zen downgraded Main Street Capital from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Truist Financial decreased their price objective on Main Street Capital from $60.00 to $53.00 and set a “hold” rating on the stock in a research report on Tuesday, May 19th. Wells Fargo & Company started coverage on Main Street Capital in a research report on Friday, May 22nd. They set an “equal weight” rating and a $50.00 price objective on the stock. Weiss Ratings downgraded Main Street Capital from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, May 22nd. Finally, Citizens Jmp decreased their price objective on Main Street Capital from $74.00 to $70.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Three 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $59.14.

Main Street Capital Price Performance

NYSE:MAIN opened at $51.25 on Thursday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $4.77 billion, a P/E ratio of 10.79 and a beta of 0.76. Main Street Capital has a 12 month low of $48.95 and a 12 month high of $67.77. The business’s 50-day moving average is $53.35 and its 200 day moving average is $57.59.

Main Street Capital (NYSE:MAIN) last posted its 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). The firm had revenue of $73.44 million during the quarter, compared to analysts’ expectations of $145.23 million. Main Street Capital had a return on equity of 12.01% and a net margin of 74.86%. On average, equities research analysts forecast that Main Street Capital will post 3.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Main Street Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MAIN. Price T Rowe Associates Inc. MD grew its stake in Main Street Capital by 6.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,734,461 shares of the financial services provider’s stock worth $165,135,000 after acquiring an additional 162,580 shares in the last quarter. Van ECK Associates Corp grew its stake in Main Street Capital by 100.9% in the 3rd quarter. Van ECK Associates Corp now owns 2,448,201 shares of the financial services provider’s stock worth $155,681,000 after acquiring an additional 1,229,863 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Main Street Capital by 3,880.8% during the 4th quarter. Corient Private Wealth LLC now owns 890,461 shares of the financial services provider’s stock worth $53,774,000 after purchasing an additional 868,092 shares during the period. UBS Group AG increased its holdings in Main Street Capital by 160.7% during the 3rd quarter. UBS Group AG now owns 866,884 shares of the financial services provider’s stock worth $55,125,000 after purchasing an additional 534,374 shares during the period. Finally, Legal & General Group Plc increased its holdings in Main Street Capital by 15.2% during the 4th quarter. Legal & General Group Plc now owns 719,967 shares of the financial services provider’s stock worth $43,479,000 after purchasing an additional 95,177 shares during the period. Institutional investors own 20.31% of the company’s stock.

Main Street Capital Company Profile

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.