Zacks Investment Research lowered shares of Garrison Capital (NASDAQ:GARS) from a buy rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Garrison Capital Inc. is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation by making investments primarily in debt securities and loans of the United States-based middle-market companies, which it defines as those having annual earnings before interest, taxes and depreciation, or EBITDA of certain amount. It invests or provides direct lending in first lien senior secured loans, second lien senior secured loans, one-stop senior secured loans or unitranche loans, subordinated or mezzanine loans, unsecured consumer loans and to a lesser extent, selected equity co-investments in middle-market companies. The Company intends to generate risk-adjusted net returns by assembling a portfolio of investments. The Company’s investments include debt investments, preferred and minority equity investments (equity) of diversified companies and a portfolio of unsecured small balance consumer loans. “
Separately, National Securities reiterated a buy rating and set a $11.00 price objective on shares of Garrison Capital in a research note on Monday, November 12th.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 22nd will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $0.92 annualized dividend and a dividend yield of 12.20%. Garrison Capital’s payout ratio is currently 91.09%.
In other Garrison Capital news, COO Brian S. Chase bought 11,900 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was bought at an average cost of $7.47 per share, for a total transaction of $88,893.00. Following the completion of the transaction, the chief operating officer now directly owns 67,135 shares of the company’s stock, valued at approximately $501,498.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph Bertrand Tansey bought 23,716 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were acquired at an average price of $7.46 per share, with a total value of $176,921.36. Following the completion of the transaction, the chief executive officer now directly owns 136,412 shares of the company’s stock, valued at $1,017,633.52. The disclosure for this purchase can be found here. Insiders have bought 54,032 shares of company stock valued at $403,386 over the last quarter. Insiders own 6.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC acquired a new position in Garrison Capital during the fourth quarter valued at $76,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Garrison Capital during the third quarter valued at $122,000. National Asset Management Inc. lifted its position in Garrison Capital by 24.8% during the fourth quarter. National Asset Management Inc. now owns 18,603 shares of the investment management company’s stock valued at $120,000 after purchasing an additional 3,700 shares during the period. Oppenheimer & Co. Inc. lifted its position in Garrison Capital by 18.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 24,526 shares of the investment management company’s stock valued at $158,000 after purchasing an additional 3,901 shares during the period. Finally, Stephens Inc. AR lifted its position in Garrison Capital by 19.6% during the fourth quarter. Stephens Inc. AR now owns 26,809 shares of the investment management company’s stock valued at $172,000 after purchasing an additional 4,395 shares during the period. Institutional investors own 26.65% of the company’s stock.
Garrison Capital Company Profile
Garrison Capital Inc is a business development company specializing in investments primarily in the debt and equity of middle market companies. It seeks to invest in first lien senior secured loans, second lien senior secured loans, ?one-stop? senior secured or ?unitranche? loans, subordinated or mezzanine loans, unsecured consumer loans and to a lesser extent, selected equity co-investments in middle-market companies, warrants and minority equity securities in United States middle-market companies.
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