THL Credit (TCRD) Rating Lowered to Sell at Zacks Investment Research

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THL Credit (NASDAQ:TCRD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “THL Credit Inc. is a newly-organized, externally-managed, non-diversified closed-end management investment company that has filed an election to be treated as a business development company. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company invests primarily in private subordinated debt, or mezzanine debt, in middle market companies that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. The Company’s investment activities are managed by its investment adviser, THL Credit Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. “

Other analysts have also issued reports about the stock. BidaskClub upgraded shares of THL Credit from a “hold” rating to a “buy” rating in a report on Saturday, September 15th. ValuEngine downgraded THL Credit from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 1st. Raymond James reaffirmed an “underperform” rating on shares of THL Credit in a research report on Friday, November 9th. Finally, National Securities dropped their target price on THL Credit from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Wednesday, November 14th. Four analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $9.19.

Shares of TCRD opened at $6.54 on Thursday. The stock has a market capitalization of $215.32 million, a P/E ratio of 5.40 and a beta of 1.06. THL Credit has a 12-month low of $5.80 and a 12-month high of $9.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.22 and a current ratio of 0.22.

THL Credit (NASDAQ:TCRD) last issued its quarterly earnings data on Wednesday, November 7th. The investment management company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.02). The company had revenue of $16.08 million during the quarter, compared to analysts’ expectations of $16.63 million. THL Credit had a negative net margin of 8.62% and a positive return on equity of 10.73%. Analysts expect that THL Credit will post 1.11 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its position in THL Credit by 4.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 504,355 shares of the investment management company’s stock valued at $4,070,000 after acquiring an additional 20,819 shares in the last quarter. Freestone Capital Holdings LLC acquired a new position in shares of THL Credit during the third quarter worth about $2,420,000. Cliffwater LLC grew its position in shares of THL Credit by 94.0% during the third quarter. Cliffwater LLC now owns 282,074 shares of the investment management company’s stock worth $2,276,000 after buying an additional 136,650 shares in the last quarter. Shikiar Asset Management Inc. grew its position in shares of THL Credit by 11.4% during the third quarter. Shikiar Asset Management Inc. now owns 179,175 shares of the investment management company’s stock worth $1,446,000 after buying an additional 18,300 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of THL Credit by 73.1% during the third quarter. Mackenzie Financial Corp now owns 96,843 shares of the investment management company’s stock worth $782,000 after buying an additional 40,904 shares in the last quarter. 41.03% of the stock is owned by institutional investors.

THL Credit Company Profile

THL Credit, Inc is a business development company specializing in direct and fund of fund investments. The fund seeks to invest in debt and equity securities of middle market companies. It seeks to invest in PIPES, growth, acquisition, market or product expansion, recapitalization, mature, and change of control transactions in both sponsored and unsponsored issuers.

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