Magnetar Financial LLC Buys Shares of 5,325 Main Street Capital Corporation $MAIN

Key Points

• Magnetar Financial LLC acquired 5,325 shares of Main Street Capital Corporation in the first quarter, valued at approximately $301,000.
• Wall Street analysts have increased their price targets for Main Street Capital, with Royal Bank Of Canada raising theirs from $52.00 to $67.00 and maintaining an "outperform" rating.
• Main Street Capital announced a monthly dividend of $0.255 per share with a dividend yield of 4.6%, payable on November 14th to investors of record on November 7th.

Magnetar Financial LLC acquired a new position in Main Street Capital Corporation (NYSE:MAIN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,325 shares of the financial services provider's stock, valued at approximately $301,000.

Other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Main Street Capital by 50.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,261 shares of the financial services provider's stock worth $468,000 after buying an additional 2,756 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Main Street Capital by 10.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 242,857 shares of the financial services provider's stock valued at $13,736,000 after purchasing an additional 22,340 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in Main Street Capital in the 1st quarter valued at about $578,000. Segment Wealth Management LLC raised its holdings in Main Street Capital by 134.3% in the 1st quarter. Segment Wealth Management LLC now owns 117,994 shares of the financial services provider's stock valued at $6,674,000 after acquiring an additional 67,626 shares during the period. Finally, Victory Capital Management Inc. bought a new position in shares of Main Street Capital during the first quarter worth approximately $6,205,000. 20.31% of the stock is currently owned by institutional investors.

Main Street Capital Price Performance

Shares of NYSE:MAIN traded down $0.06 during trading on Friday, reaching $66.53. The company had a trading volume of 538,351 shares, compared to its average volume of 474,409. The stock has a market capitalization of $5.95 billion, a P/E ratio of 10.96 and a beta of 0.88. The company has a fifty day moving average of $64.31 and a two-hundred day moving average of $58.95. Main Street Capital Corporation has a 12 month low of $47.00 and a 12 month high of $67.77. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.12.

Main Street Capital (NYSE:MAIN - Get Free Report) last issued its earnings results on Thursday, August 7th. The financial services provider reported $0.99 EPS for the quarter, hitting analysts' consensus estimates of $0.99. The company had revenue of $143.97 million for the quarter, compared to analysts' expectations of $137.23 million. Main Street Capital had a net margin of 96.16% and a return on equity of 12.70%. Equities research analysts forecast that Main Street Capital Corporation will post 4.11 earnings per share for the current year.

Main Street Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a c) dividend on an annualized basis and a dividend yield of 4.6%. Main Street Capital's payout ratio is presently 50.41%.

Insider Activity

In related news, Director Nicholas Meserve sold 14,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $67.15, for a total transaction of $940,100.00. Following the sale, the director owned 82,383 shares of the company's stock, valued at $5,532,018.45. The trade was a 14.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jason B. Beauvais sold 13,664 shares of the company's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $59.37, for a total transaction of $811,231.68. Following the completion of the transaction, the executive vice president owned 181,526 shares in the company, valued at approximately $10,777,198.62. This represents a 7.00% decrease in their position. The disclosure for this sale can be found here. Insiders own 4.00% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MAIN shares. Truist Financial lifted their price target on shares of Main Street Capital from $54.00 to $64.00 and gave the stock a "hold" rating in a report on Monday, August 11th. B. Riley lifted their price target on shares of Main Street Capital from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Monday, August 18th. Wall Street Zen raised shares of Main Street Capital from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Zacks Research upgraded shares of Main Street Capital from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. Finally, UBS Group restated a "neutral" rating and set a $58.00 price target (up from $56.00) on shares of Main Street Capital in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Main Street Capital currently has a consensus rating of "Moderate Buy" and an average target price of $61.20.

About Main Street Capital

Main Street Capital Corporation is a business development company specializes in equity capital to lower middle market companies. The firm specializing in recapitalizations, management buyouts, refinancing, family estate planning, management buyouts, refinancing, industry consolidation, mature, later stage emerging growth.