Burgundy Asset Management Ltd. Sells 1,115,976 Shares of Main Street Capital Corporation $MAIN

Key Points

• Burgundy Asset Management Ltd. drastically reduced its stake in Main Street Capital by 96.7%, selling over 1.1 million shares in the first quarter, leaving it with 37,624 shares valued at approximately $2.1 million.
• Main Street Capital recently reported $0.99 earnings per share for the quarter, meeting analysts' expectations, with a revenue of $143.97 million, exceeding the forecast of $137.23 million.
• The company has announced a monthly dividend of $0.255 per share to be paid on December 15th, which represents an annualized dividend yield of 4.6%.

Burgundy Asset Management Ltd. reduced its position in shares of Main Street Capital Corporation (NYSE:MAIN - Free Report) by 96.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,624 shares of the financial services provider's stock after selling 1,115,976 shares during the period. Burgundy Asset Management Ltd.'s holdings in Main Street Capital were worth $2,128,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Network Wealth Advisors LLC bought a new position in Main Street Capital in the 1st quarter worth about $39,000. Spire Wealth Management bought a new stake in shares of Main Street Capital during the first quarter valued at approximately $40,000. Wellington Shields & Co. LLC acquired a new position in shares of Main Street Capital during the first quarter worth approximately $41,000. Kapitalo Investimentos Ltda bought a new position in Main Street Capital in the 4th quarter worth approximately $45,000. Finally, NBC Securities Inc. bought a new position in Main Street Capital in the 1st quarter worth approximately $54,000. 20.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on MAIN. Oppenheimer reaffirmed a "market perform" rating on shares of Main Street Capital in a research note on Tuesday, May 13th. Truist Financial upped their price objective 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. Wall Street Zen upgraded shares of Main Street Capital from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. B. Riley upped their price target on shares of Main Street Capital from $60.00 to $64.00 and gave the stock a "neutral" rating in a research note on Monday. Finally, UBS Group reiterated a "neutral" rating and set a $58.00 price objective (up previously from $56.00) on shares of Main Street Capital in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Main Street Capital presently has a consensus rating of "Hold" and an average price target of $59.75.

Insider Transactions at Main Street Capital

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

Main Street Capital Price Performance

Shares of NYSE MAIN traded down $0.2050 during mid-day trading on Friday, reaching $65.4450. The company had a trading volume of 236,617 shares, compared to its average volume of 546,998. The company has a 50-day moving average price of $62.71 and a two-hundred day moving average price of $58.62. The stock has a market cap of $5.85 billion, a PE ratio of 10.79 and a beta of 0.85. 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 Corporation has a 1-year low of $47.00 and a 1-year high of $67.77.

Main Street Capital (NYSE:MAIN - Get Free Report) last released its earnings results on Thursday, August 7th. The financial services provider reported $0.99 earnings per share for the quarter, hitting the consensus estimate of $0.99. Main Street Capital had a net margin of 96.16% and a return on equity of 12.70%. The business had revenue of $143.97 million for the quarter, compared to the consensus estimate of $137.23 million. On average, equities analysts anticipate that Main Street Capital Corporation will post 4.11 earnings per share for the current year.

Main Street Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be given a $0.255 dividend. This represents a c) annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Monday, December 8th. Main Street Capital's dividend payout ratio is presently 50.41%.

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.