862,445 FS KKR Capital Corp. $FSK Shares Sold by Beach Point Capital Management LP

Key Points

• Beach Point Capital Management reduced its FS KKR Capital position by 70.6%, selling 862,445 shares and retaining 358,670 shares valued at approximately $3.9 million. Institutional investors collectively own 36.26% of the company.
• Analyst sentiment remains cautious: six analysts rate the stock “Hold” and two rate it “Sell,” resulting in an average “Reduce” rating and a consensus price target of $11.43.
• FSK shares opened at $10.13, near the lower end of their 52-week range, despite the company exceeding quarterly earnings and revenue expectations. FS KKR Capital also announced a special dividend of $0.20 per share.

Beach Point Capital Management LP lowered its position in FS KKR Capital Corp. (NYSE:FSK - Free Report) by 70.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 358,670 shares of the company's stock after selling 862,445 shares during the period. FS KKR Capital makes up approximately 1.7% of Beach Point Capital Management LP's investment portfolio, making the stock its 11th largest holding. Beach Point Capital Management LP owned 0.13% of FS KKR Capital worth $3,942,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Triumph Capital Management lifted its stake in FS KKR Capital by 98.1% during the 2nd quarter. Triumph Capital Management now owns 2,575 shares of the company's stock valued at $27,000 after acquiring an additional 1,275 shares during the period. Harborfront Financial Group LLC purchased a new stake in FS KKR Capital in the second quarter valued at $30,000. Northwestern Mutual Wealth Management Co. purchased a new stake in FS KKR Capital in the second quarter valued at $53,000. Fifth Third Bancorp purchased a new stake in FS KKR Capital in the first quarter valued at $65,000. Finally, Continuum Advisory LLC acquired a new stake in FS KKR Capital during the 2nd quarter worth about $76,000. Institutional investors and hedge funds own 36.26% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FSK. Wall Street Zen raised FS KKR Capital from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Wells Fargo & Company cut FS KKR Capital from a "sector perform" rating to an "underweight" rating and set a $10.00 price objective for the company. in a report on Tuesday, September 29th. Capital One Financial set a $12.00 target price on FS KKR Capital in a research note on Friday, August 7th. Zacks Research upgraded FS KKR Capital from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of FS KKR Capital in a report on Friday, August 28th. Six equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $11.43.

FS KKR Capital Trading Down 0.1%

Shares of FS KKR Capital stock opened at $10.13 on Wednesday. The firm has a 50-day simple moving average of $11.56 and a two-hundred day simple moving average of $11.07. The company has a debt-to-equity ratio of 1.26, a quick ratio of 2.28 and a current ratio of 2.28. FS KKR Capital Corp. has a fifty-two week low of $9.72 and a fifty-two week high of $16.31. The company has a market cap of $2.80 billion, a P/E ratio of 5.25 and a beta of 0.86.

FS KKR Capital (NYSE:FSK - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.01. The company had revenue of $290.00 million during the quarter, compared to analysts' expectations of $286.75 million. FS KKR Capital had a positive return on equity of 9.70% and a negative net margin of 28.52%. During the same quarter in the prior year, the firm posted ($0.75) EPS. As a group, equities analysts predict that FS KKR Capital Corp. will post 1.64 earnings per share for the current fiscal year.

FS KKR Capital Dividend Announcement

The firm also recently announced a special dividend, which will be paid on Thursday, December 24th. Stockholders of record on Wednesday, December 16th will be given a dividend of $0.20 per share. The ex-dividend date is Wednesday, December 16th. This represents a dividend yield of 1,633.0%. FS KKR Capital's dividend payout ratio (DPR) is -130.37%.

FS KKR Capital Profile

FS KKR Capital Corp. NYSE: FSK is a business development company (BDC) that provides financing to private middle-market companies. The company primarily invests in senior secured loans and other debt instruments, while also making select equity investments. Its portfolio companies generally operate across a range of industries and are typically based in the United States.

FSK is externally managed by FS/KKR Advisor, LLC, a joint venture between FS Investments and KKR. The adviser combines FS Investments' experience in serving individual and institutional investors with KKR's global investment platform and private credit capabilities.

The company traces its history to FS Investment Corporation and Corporate Capital Trust, which combined in 2018 to create FS KKR Capital Corp.

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