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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a large drop in short interest in August. As of August 31st, there was short interest totaling 84,209 shares, a drop of 37.0% from the August 15th total of 133,718 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average trading volume of 28,679 shares, the days-to-cover ratio is presently 2.9 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SPMC shares. Zacks Research lowered Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. Finally, B. Riley Financial cut their price objective on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Sound Point Meridian Capital has an average rating of “Hold” and an average target price of $15.12.

Sound Point Meridian Capital Price Performance

Sound Point Meridian Capital stock traded down $0.27 during mid-day trading on Wednesday, hitting $9.32. The company’s stock had a trading volume of 6,065 shares, compared to its average volume of 32,493. Sound Point Meridian Capital has a 52-week low of $8.36 and a 52-week high of $18.20. The company has a market cap of $191.06 million, a PE ratio of -1.61 and a beta of 1.14. The firm’s 50 day moving average is $9.93 and its 200 day moving average is $10.11.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Wednesday, August 12th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.06). The business had revenue of $12.42 million during the quarter, compared to the consensus estimate of $14.18 million. As a group, analysts forecast that Sound Point Meridian Capital will post 1.04 EPS for the current year.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) dividend on an annualized basis and a yield of 16.7%. Sound Point Meridian Capital’s payout ratio is presently -41.52%.

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new stake in Sound Point Meridian Capital stock. Allied Private Wealth LLC purchased a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 94,982 shares of the company’s stock, valued at approximately $984,000. Allied Private Wealth LLC owned approximately 0.46% of Sound Point Meridian Capital as of its most recent SEC filing.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused on opportunities in the collateralized loan obligation (CLO) market. The company primarily invests in CLO equity and junior debt securities backed by diversified portfolios of corporate loans.

Its investment strategy is designed to generate current income and long-term total returns through exposure to broadly syndicated loans and structured credit markets. Sound Point Meridian Capital is externally managed by Sound Point Capital Management, an alternative investment manager specializing in credit and structured finance.

The company’s investments are primarily connected to the U.S.