Sound Point Meridian Capital (NYSE:SPMC) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Sound Point Meridian Capital's rating from "strong sell" to "hold" in a recent report.
• Alliance Global Partners has initiated coverage on the stock, assigning it a "buy" rating with a target price of $20.00.
• Sound Point Meridian Capital reported earnings of $0.53 per share for the last quarter, falling short of analysts' expectations of $0.56.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

Separately, Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research report on Friday, July 18th. They set a "buy" rating and a $20.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $21.25.

Sound Point Meridian Capital Stock Down 0.1%

Shares of Sound Point Meridian Capital stock opened at $17.81 on Tuesday. The firm has a market capitalization of $360.20 million, a P/E ratio of 12.54 and a beta of 0.26. Sound Point Meridian Capital has a 52 week low of $16.26 and a 52 week high of $22.30. The firm's 50 day moving average is $17.92 and its two-hundred day moving average is $18.92.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03). The firm had revenue of $19.21 million for the quarter, compared to analyst estimates of $20.72 million.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Kim LLC purchased a new position in Sound Point Meridian Capital in the 2nd quarter valued at $192,821,000. Marshall Wace LLP grew its position in Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock valued at $1,379,000 after buying an additional 20,163 shares during the last quarter. Everest Management Corp. purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth $1,303,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of Sound Point Meridian Capital by 8.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock worth $2,908,000 after purchasing an additional 11,602 shares in the last quarter.

About Sound Point Meridian Capital

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches.

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