Cornerstone Advisory LLC Sells 84,620 Shares of Oaktree Specialty Lending Corp. (NASDAQ:OCSL)

Key Points

• Cornerstone Advisory LLC reduced its stake in Oaktree Specialty Lending Corp. by 49.1%, owning 87,613 shares valued at approximately $1.35 million after selling 84,620 shares in the first quarter.
• Several institutional investors, including Balyasny Asset Management and Invesco Ltd., have made significant new investments or increased their holdings in Oaktree Specialty Lending in the fourth quarter.
• Oaktree Specialty Lending's stock has seen a recent price target reduction, with analysts setting a new average price target of $15.83 amid a mix of hold and sell ratings.

Cornerstone Advisory LLC decreased its holdings in Oaktree Specialty Lending Corp. (NASDAQ:OCSL - Free Report) by 49.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 87,613 shares of the credit services provider's stock after selling 84,620 shares during the quarter. Cornerstone Advisory LLC owned approximately 0.11% of Oaktree Specialty Lending worth $1,346,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Balyasny Asset Management L.P. acquired a new stake in shares of Oaktree Specialty Lending in the 4th quarter valued at $18,109,000. Invesco Ltd. increased its stake in shares of Oaktree Specialty Lending by 1,300.1% in the 4th quarter. Invesco Ltd. now owns 875,913 shares of the credit services provider's stock valued at $13,384,000 after buying an additional 813,352 shares during the period. Castlekeep Investment Advisors LLC acquired a new stake in shares of Oaktree Specialty Lending in the 4th quarter valued at $9,959,000. Millennium Management LLC acquired a new stake in shares of Oaktree Specialty Lending in the 4th quarter valued at $5,882,000. Finally, CF Capital LLC acquired a new stake in shares of Oaktree Specialty Lending in the 4th quarter valued at $4,691,000. Institutional investors own 36.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on OCSL shares. B. Riley started coverage on Oaktree Specialty Lending in a research note on Tuesday, May 13th. They set a "neutral" rating and a $14.00 price objective for the company. Keefe, Bruyette & Woods decreased their price objective on Oaktree Specialty Lending from $16.50 to $15.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. decreased their price objective on Oaktree Specialty Lending from $15.00 to $14.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company decreased their price objective on Oaktree Specialty Lending from $15.00 to $14.00 and set an "equal weight" rating for the company in a research note on Monday, April 28th. Finally, Wall Street Zen cut Oaktree Specialty Lending from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $15.83.

Oaktree Specialty Lending Stock Up 0.1%

Shares of NASDAQ:OCSL traded up $0.01 during trading on Wednesday, hitting $14.05. 167,341 shares of the company's stock traded hands, compared to its average volume of 720,913. Oaktree Specialty Lending Corp. has a 52 week low of $12.50 and a 52 week high of $18.27. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.63. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 108.12 and a beta of 0.68. The company has a 50-day moving average price of $14.15 and a 200-day moving average price of $14.75.

Oaktree Specialty Lending (NASDAQ:OCSL - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The credit services provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.06). Oaktree Specialty Lending had a net margin of 2.55% and a return on equity of 11.77%. The business had revenue of $70.52 million for the quarter, compared to the consensus estimate of $84.67 million. During the same quarter last year, the firm earned $0.56 EPS. As a group, research analysts forecast that Oaktree Specialty Lending Corp. will post 2.06 EPS for the current fiscal year.

Insider Activity

In other news, insider Armen Panossian bought 8,000 shares of the business's stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $14.13 per share, for a total transaction of $113,040.00. Following the purchase, the insider owned 20,789 shares of the company's stock, valued at approximately $293,748.57. The trade was a 62.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig A. Jacobson bought 14,910 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was purchased at an average price of $13.41 per share, for a total transaction of $199,943.10. Following the purchase, the director directly owned 71,667 shares in the company, valued at approximately $961,054.47. This represents a 26.27% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.28% of the company's stock.

Oaktree Specialty Lending Company Profile

Oaktree Specialty Lending Corporation is a business development company. The fund specializing in investments in middle market, bridge financing, first and second lien debt financing, unsecured and mezzanine loan, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, preferred equity, and management buyouts in small and mid-sized companies.