Gladstone Investment (GAIN) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Gladstone Investment (NASDAQ:GAIN) from a buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “Gladstone Investment Corporation is an investment company that seeks to make equity-type investments in small and mid-sized private businesses in the U.S. “
Several other research firms have also recently commented on GAIN. ValuEngine upgraded shares of Gladstone Investment from a buy rating to a strong-buy rating in a report on Sunday, December 31st. Wedbush cut shares of Gladstone Investment from an outperform rating to a neutral rating and upped their price objective for the stock from $10.50 to $11.00 in a report on Monday, November 20th. Finally, Jefferies Group upped their price objective on shares of Gladstone Investment from $9.00 to $10.00 and gave the stock a hold rating in a report on Friday, November 3rd. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. Gladstone Investment presently has a consensus rating of Hold and an average target price of $11.00.
Gladstone Investment (GAIN) traded up $0.10 during trading on Tuesday, hitting $11.31. 69,205 shares of the stock traded hands, compared to its average volume of 200,518. Gladstone Investment has a fifty-two week low of $8.45 and a fifty-two week high of $11.50. The stock has a market cap of $367.87, a PE ratio of 8.38 and a beta of 0.74.
Gladstone Investment (NASDAQ:GAIN) last posted its quarterly earnings results on Wednesday, November 1st. The investment management company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. Gladstone Investment had a net margin of 80.07% and a return on equity of 6.95%. The business had revenue of $13.13 million for the quarter, compared to analysts’ expectations of $12.22 million. research analysts expect that Gladstone Investment will post 0.71 EPS for the current year.
The firm also recently disclosed a monthly dividend, which will be paid on Friday, March 30th. Investors of record on Tuesday, March 20th will be issued a $0.065 dividend. This represents a $0.78 dividend on an annualized basis and a yield of 6.90%. The ex-dividend date is Monday, March 19th. Gladstone Investment’s dividend payout ratio is presently 57.78%.
In other Gladstone Investment news, Director Walter H. Wilkinson acquired 5,730 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was purchased at an average cost of $10.84 per share, for a total transaction of $62,113.20. Following the completion of the acquisition, the director now owns 14,416 shares of the company’s stock, valued at approximately $156,269.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.40% of the company’s stock.
Large investors have recently modified their holdings of the stock. Susquehanna International Group LLP acquired a new position in Gladstone Investment during the 2nd quarter worth $293,000. WFG Advisors LP lifted its position in Gladstone Investment by 97.7% during the 2nd quarter. WFG Advisors LP now owns 60,928 shares of the investment management company’s stock worth $573,000 after acquiring an additional 30,102 shares during the last quarter. Royal Bank of Canada lifted its position in Gladstone Investment by 0.4% during the 2nd quarter. Royal Bank of Canada now owns 24,110 shares of the investment management company’s stock worth $227,000 after acquiring an additional 106 shares during the last quarter. Van ECK Associates Corp lifted its position in Gladstone Investment by 21.3% during the 2nd quarter. Van ECK Associates Corp now owns 280,855 shares of the investment management company’s stock worth $2,640,000 after acquiring an additional 49,373 shares during the last quarter. Finally, Garner Asset Management Corp acquired a new position in Gladstone Investment during the 2nd quarter worth $521,000. Hedge funds and other institutional investors own 17.36% of the company’s stock.
About Gladstone Investment
Gladstone Investment Corporation is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objectives are to achieve and grow current income by investing in debt securities of established businesses that it believes will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time, and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, generally in combination with the aforementioned debt securities, of businesses that it believes can grow over time to permit it to sell its equity investments for capital gains.
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