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

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Invesco Ltd. boosted its stake in shares of Main Street Capital by 282.5% during the 1st quarter. Invesco Ltd. now owns 532,267 shares of the financial services provider's stock worth $30,105,000 after acquiring an additional 393,101 shares during the period. Adell Harriman & Carpenter Inc. boosted its stake in shares of Main Street Capital by 5.2% during the 1st quarter. Adell Harriman & Carpenter Inc. now owns 447,642 shares of the financial services provider's stock worth $25,319,000 after acquiring an additional 22,090 shares during the period. LPL Financial LLC boosted its stake in shares of Main Street Capital by 2.7% during the 1st quarter. LPL Financial LLC now owns 307,368 shares of the financial services provider's stock worth $17,385,000 after acquiring an additional 8,203 shares during the period. Muzinich & Co. Inc. boosted its stake in shares of Main Street Capital by 10.8% during the 1st quarter. Muzinich & Co. Inc. now owns 247,107 shares of the financial services provider's stock worth $13,976,000 after acquiring an additional 24,130 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Main Street Capital by 10.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 242,857 shares of the financial services provider's stock worth $13,736,000 after acquiring an additional 22,340 shares during the period. 20.31% of the stock is currently owned by institutional investors.

Main Street Capital Price Performance

NYSE MAIN traded up $0.2260 during midday trading on Wednesday, hitting $65.4560. The company had a trading volume of 403,355 shares, compared to its average volume of 549,703. The company has a market capitalization of $5.85 billion, a PE ratio of 10.78 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. The firm has a 50-day moving average price of $62.41 and a 200-day moving average price of $58.55. Main Street Capital Corporation has a twelve month low of $47.00 and a twelve month high of $67.77.

Main Street Capital (NYSE:MAIN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The financial services provider reported $0.99 earnings per share for the quarter, meeting the consensus estimate of $0.99. Main Street Capital had a return on equity of 12.70% and a net margin of 96.16%.The firm had revenue of $143.97 million during the quarter, compared to analysts' expectations of $137.23 million. As a group, analysts anticipate that Main Street Capital Corporation will post 4.11 earnings per share for the current fiscal year.

Main Street Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a dividend of $0.255 per share. The ex-dividend date of this dividend is Monday, December 8th. This represents a c) dividend on an annualized basis and a dividend yield of 4.7%. Main Street Capital's payout ratio is 50.41%.

Insiders Place Their Bets

In other news, EVP Jason B. Beauvais sold 13,664 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $10,777,198.62. The trade was a 7.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Nicholas Meserve sold 14,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $67.15, for a total value of $940,100.00. Following the transaction, the director directly owned 82,383 shares of the company's stock, valued at $5,532,018.45. This trade represents a 14.53% decrease in their position. The disclosure for this sale can be found here. 4.09% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on MAIN shares. UBS Group reiterated a "neutral" rating and set a $58.00 target price (up from $56.00) on shares of Main Street Capital in a research note on Wednesday, July 16th. B. Riley lifted their price target on Main Street Capital from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Monday. Oppenheimer reissued a "market perform" rating on shares of Main Street Capital in a report on Tuesday, May 13th. Truist Financial lifted their price target on Main Street Capital from $54.00 to $64.00 and gave the stock a "hold" rating in a report on Monday, August 11th. Finally, Wall Street Zen raised Main Street Capital from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $59.75.

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.