Zacks Investment Research downgraded shares of Apollo Investment (NASDAQ:AINV) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

According to Zacks, “Apollo Investment Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company’s investment portfolio will be principally in middle-market private companies. “

AINV has been the subject of several other reports. BidaskClub downgraded shares of Apollo Investment from a buy rating to a hold rating in a research note on Saturday, August 11th. Wells Fargo & Co lowered their target price on shares of Apollo Investment from $7.00 to $6.00 and set an outperform rating for the company in a research note on Thursday, October 4th. ValuEngine downgraded shares of Apollo Investment from a hold rating to a sell rating in a research note on Tuesday, August 7th. Citigroup assumed coverage on shares of Apollo Investment in a report on Thursday, August 23rd. They issued a sell rating and a $5.00 price target for the company. Finally, National Securities reaffirmed a neutral rating and issued a $6.00 price target on shares of Apollo Investment in a report on Wednesday, August 15th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $6.08.

Shares of AINV opened at $5.30 on Tuesday. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 8.69, a PEG ratio of 1.79 and a beta of 0.87. Apollo Investment has a twelve month low of $5.18 and a twelve month high of $6.18. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.81 and a quick ratio of 0.81.

Apollo Investment (NASDAQ:AINV) last announced its earnings results on Wednesday, August 8th. The asset manager reported $0.15 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.15. The company had revenue of $63.60 million during the quarter, compared to the consensus estimate of $62.38 million. Apollo Investment had a net margin of 27.90% and a return on equity of 9.20%. Apollo Investment’s revenue was down 4.6% compared to the same quarter last year. During the same period last year, the firm earned $0.15 earnings per share. On average, equities analysts predict that Apollo Investment will post 0.61 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Monday, September 24th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 21st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.32%. Apollo Investment’s dividend payout ratio is currently 98.36%.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. raised its holdings in shares of Apollo Investment by 30.5% in the second quarter. Advisors Asset Management Inc. now owns 605,577 shares of the asset manager’s stock worth $3,373,000 after buying an additional 141,704 shares during the last quarter. Nomura Holdings Inc. raised its holdings in shares of Apollo Investment by 2.7% in the second quarter. Nomura Holdings Inc. now owns 1,478,894 shares of the asset manager’s stock worth $8,237,000 after buying an additional 38,363 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Apollo Investment during the second quarter worth $106,000. California Public Employees Retirement System raised its holdings in shares of Apollo Investment by 6.4% during the second quarter. California Public Employees Retirement System now owns 547,800 shares of the asset manager’s stock worth $3,051,000 after purchasing an additional 33,100 shares during the last quarter. Finally, PVG Asset Management Corp raised its holdings in shares of Apollo Investment by 38.9% during the second quarter. PVG Asset Management Corp now owns 407,438 shares of the asset manager’s stock worth $2,269,000 after purchasing an additional 114,093 shares during the last quarter. 46.04% of the stock is owned by institutional investors and hedge funds.

About Apollo Investment

Apollo Investment Corporation is business development company specializing in middle market companies. It provides direct equity capital, mezzanine and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products.

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