NewEdge Advisors LLC Purchases 34,823 Shares of Main Street Capital Corporation $MAIN

Key Points

• NewEdge Advisors increased its Main Street Capital position by 551%, purchasing 34,823 additional shares to own 41,143 shares valued at approximately $2.18 million. Institutional investors collectively own 20.31% of MAIN.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $60.83; recent target changes ranged from $55 to $70.
• Main Street Capital reported quarterly EPS of $0.97, slightly exceeding estimates, and announced a $0.265 monthly dividend, representing an annualized yield of about 5.4%.

NewEdge Advisors LLC raised its position in Main Street Capital Corporation (NYSE:MAIN - Free Report) by 551.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,143 shares of the financial services provider's stock after purchasing an additional 34,823 shares during the quarter. NewEdge Advisors LLC's holdings in Main Street Capital were worth $2,179,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MAIN. Garner Asset Management Corp bought a new position in shares of Main Street Capital during the fourth quarter worth about $28,000. Smartleaf Asset Management LLC raised its position in Main Street Capital by 109.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 478 shares of the financial services provider's stock valued at $28,000 after buying an additional 250 shares during the last quarter. Sankala Group LLC bought a new stake in Main Street Capital in the 4th quarter valued at approximately $29,000. Gilpin Wealth Management LLC bought a new stake in Main Street Capital in the 4th quarter valued at approximately $31,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Main Street Capital by 181.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 565 shares of the financial services provider's stock worth $34,000 after acquiring an additional 364 shares during the last quarter. 20.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings cut shares of Main Street Capital from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday. Wall Street Zen lowered shares of Main Street Capital from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Wells Fargo & Company increased their target price on shares of Main Street Capital from $50.00 to $55.00 and gave the stock an "equal weight" rating in a report on Monday. Royal Bank Of Canada decreased their target price on shares of Main Street Capital from $66.00 to $58.00 and set an "outperform" rating for the company in a research report on Thursday, May 14th. Finally, Citizens Jmp lowered their price target on shares of Main Street Capital from $74.00 to $70.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Main Street Capital currently has a consensus rating of "Hold" and an average price target of $60.83.

Main Street Capital Stock Performance

Shares of NYSE MAIN opened at $58.74 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.06 and a current ratio of 0.05. The stock has a 50 day moving average price of $53.51 and a 200 day moving average price of $54.91. The stock has a market capitalization of $5.49 billion, a PE ratio of 11.84 and a beta of 0.71. Main Street Capital Corporation has a 52 week low of $48.95 and a 52 week high of $67.48.

Main Street Capital (NYSE:MAIN - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The company had revenue of $327.56 million for the quarter, compared to analysts' expectations of $144.59 million. Main Street Capital had a return on equity of 11.80% and a net margin of 78.49%. Analysts predict that Main Street Capital Corporation will post 3.78 earnings per share for the current fiscal year.

Main Street Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be issued a dividend of $0.265 per share. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Tuesday, December 8th. Main Street Capital's payout ratio is presently 64.11%.

Insider Buying and Selling at Main Street Capital

In other news, CAO Ryan Mchugh acquired 2,550 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was bought at an average price of $59.05 per share, with a total value of $150,577.50. Following the transaction, the chief accounting officer directly owned 22,647 shares in the company, valued at approximately $1,337,305.35. The trade was a 12.69% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jason B. Beauvais sold 6,830 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $51.73, for a total transaction of $353,315.90. Following the transaction, the executive vice president owned 196,185 shares in the company, valued at $10,148,650.05. This represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.83% of the company's stock.

Main Street Capital Company Profile

Main Street Capital Corporation NYSE: MAIN is a publicly traded business development company that provides flexible debt and equity capital to lower middle market companies in the United States. Headquartered in Houston, Texas, Main Street Capital was formed in 2007 and operates under the Investment Company Act of 1940. The firm's management services are provided by Main Street Capital Management, L.P., which focuses on identifying growing private companies with enterprise values typically between $10 million and $150 million.

Main Street Capital's primary offerings include first-lien senior secured loans, second-lien loans, subordinated debt, and equity co-investments or minority equity positions.

Want to see what other hedge funds are holding MAIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Main Street Capital Corporation (NYSE:MAIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source