Sound Point Meridian Capital (NYSE:SPMC) Upgraded by Zacks Research to "Hold" Rating

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 equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Tuesday, August 26th,Zacks.com reports.

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

Sound Point Meridian Capital Trading Up 0.0%

NYSE:SPMC traded up $0.01 during trading hours on Tuesday, hitting $17.88. The company's stock had a trading volume of 10,193 shares, compared to its average volume of 28,023. Sound Point Meridian Capital has a 52-week low of $16.26 and a 52-week high of $22.30. The stock has a market capitalization of $361.61 million, a P/E ratio of 12.59 and a beta of 0.26. The stock has a fifty day moving average of $17.97 and a 200-day moving average of $18.81.

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

Institutional Investors Weigh In On Sound Point Meridian Capital

Institutional investors and hedge funds have recently made changes to their positions in the business. Marshall Wace LLP purchased a new stake in shares of Sound Point Meridian Capital in the 4th quarter worth about $371,000. Everest Management Corp. acquired a new position in Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Envestnet Asset Management Inc. lifted its holdings in Sound Point Meridian Capital by 8.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock valued at $2,908,000 after purchasing an additional 11,602 shares in the last quarter. Finally, Kim LLC purchased a new position in Sound Point Meridian Capital in the 2nd quarter valued at about $192,821,000.

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.