Apollo Investment Corporation (NASDAQ:AINV)‘s stock had its “neutral” rating reaffirmed by analysts at National Securities in a research report issued on Wednesday. They presently have a $6.00 price target on the asset manager’s stock. National Securities’ price objective suggests a potential downside of 5.81% from the company’s previous close.

The analysts wrote, “• AINV reported NII/share of $0.15 for fiscal 1Q18, a penny shy of our estimate but covering the dividend. The portfolio at fair value had decent growth of 4% Q/Q with the company originating $330 million in investments.

• Non-accruals at amortized cost declined to $46.4 million or 1.9% of the portfolio from $183.1 million or 7.0% of the portfolio at amortized cost. We expect the company will have less non-accruals going forward and additionally will likely reduce concentration risk in the portfolio courtesy of co-investment being utilized more, in our opinion.

• Apollo also has verticals largely uncorrelated to traditional middle market lending such as aviation leasing, asset-based lending (ABL), and life sciences. These specialties should generate good deal flow with pricing that is impacted less overall than middle market lending alone.

• The market is likely to take a “show me” approach as Apollo continues to shift focus into what it seems are its core strategies. As a result of past NAV declines and dividend cuts, shares will be discounted until the company develops a track record of no or few non-accruals, leading to NAV stability and predictably high economic returns, in our opinion.

• We are revising our fiscal 2018 NII/share estimate to $0.65 from $0.65 and are maintaining our fiscal 2019 NII/share estimate of $0.66.

AINV has been the topic of a number of other research reports. Zacks Investment Research downgraded shares of Apollo Investment Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Keefe, Bruyette & Woods restated a “hold” rating and set a $6.50 price objective on shares of Apollo Investment Corporation in a research report on Friday, April 28th. Jefferies Group LLC restated a “buy” rating and set a $7.00 price objective on shares of Apollo Investment Corporation in a research report on Friday, July 14th. BMO Capital Markets restated a “hold” rating and set a $6.00 price objective on shares of Apollo Investment Corporation in a research report on Tuesday, April 11th. Finally, BidaskClub downgraded shares of Apollo Investment Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Apollo Investment Corporation presently has an average rating of “Hold” and a consensus target price of $6.40.

Shares of Apollo Investment Corporation (AINV) opened at 6.37 on Wednesday. The stock’s 50 day moving average is $6.37 and its 200 day moving average is $6.36. Apollo Investment Corporation has a 52 week low of $5.52 and a 52 week high of $6.82.

Apollo Investment Corporation (NASDAQ:AINV) last issued its quarterly earnings data on Friday, August 4th. The asset manager reported $0.15 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.15. The company had revenue of $66.70 million for the quarter, compared to the consensus estimate of $65.19 million. Apollo Investment Corporation had a net margin of 33.04% and a return on equity of 9.75%. The firm’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 earnings per share. Equities analysts forecast that Apollo Investment Corporation will post $0.64 earnings per share for the current year.

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A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers boosted its stake in shares of Apollo Investment Corporation by 0.3% in the second quarter. Rhumbline Advisers now owns 16,708 shares of the asset manager’s stock worth $107,000 after buying an additional 58 shares in the last quarter. Duncker Streett & Co. Inc. boosted its stake in shares of Apollo Investment Corporation by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 64,433 shares of the asset manager’s stock worth $412,000 after buying an additional 164 shares in the last quarter. GAM Holding AG boosted its stake in shares of Apollo Investment Corporation by 2.7% in the second quarter. GAM Holding AG now owns 16,652 shares of the asset manager’s stock worth $106,000 after buying an additional 441 shares in the last quarter. TCI Wealth Advisors Inc. boosted its stake in shares of Apollo Investment Corporation by 2.4% in the first quarter. TCI Wealth Advisors Inc. now owns 24,474 shares of the asset manager’s stock worth $161,000 after buying an additional 582 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. boosted its stake in shares of Apollo Investment Corporation by 2.2% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 34,682 shares of the asset manager’s stock worth $228,000 after buying an additional 750 shares in the last quarter. 46.29% of the stock is owned by institutional investors and hedge funds.

Apollo Investment Corporation Company Profile

Apollo Investment Corporation is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation. It invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments and/or equity in private middle-market companies.

Analyst Recommendations for Apollo Investment Corporation (NASDAQ:AINV)

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