Sound Income Strategies LLC Raises Holdings in Main Street Capital Co. (NYSE:MAIN)

Sound Income Strategies LLC lifted its holdings in shares of Main Street Capital Co. (NYSE:MAIN – Get Rating) by 5.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 401,665 shares of the financial services provider’s stock after acquiring an additional 22,105 shares during the period. Main Street Capital makes up approximately 1.9% of Sound Income Strategies LLC’s investment portfolio, making the stock its 14th largest holding. Sound Income Strategies LLC owned 0.52% of Main Street Capital worth $14,842,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Foundations Investment Advisors LLC purchased a new stake in Main Street Capital in the fourth quarter valued at approximately $204,000. MQS Management LLC purchased a new stake in Main Street Capital in the third quarter valued at approximately $354,000. WealthPlan Investment Management LLC purchased a new stake in Main Street Capital in the third quarter valued at approximately $833,000. Bank of New York Mellon Corp boosted its position in Main Street Capital by 4.6% in the third quarter. Bank of New York Mellon Corp now owns 121,326 shares of the financial services provider’s stock valued at $4,082,000 after buying an additional 5,283 shares during the last quarter. Finally, IHT Wealth Management LLC boosted its position in Main Street Capital by 1.8% in the third quarter. IHT Wealth Management LLC now owns 56,771 shares of the financial services provider’s stock valued at $1,910,000 after buying an additional 1,024 shares during the last quarter. Hedge funds and other institutional investors own 18.79% of the company’s stock.

Main Street Capital Price Performance

NYSE MAIN traded down $0.41 during mid-day trading on Friday, hitting $38.48. The stock had a trading volume of 623,008 shares, compared to its average volume of 347,935. The firm’s 50 day moving average is $39.67 and its 200 day moving average is $38.02. Main Street Capital Co. has a twelve month low of $31.66 and a twelve month high of $45.67. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.07 and a quick ratio of 0.07. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 11.95 and a beta of 1.31.

Main Street Capital Increases Dividend

The company also recently disclosed a dividend, which will be paid on Tuesday, March 28th. Investors of record on Tuesday, March 21st will be paid a $0.175 dividend. This is an increase from Main Street Capital’s previous dividend of $0.08. The ex-dividend date is Monday, March 20th. Main Street Capital’s dividend payout ratio is currently 83.85%.

Analyst Upgrades and Downgrades

MAIN has been the topic of a number of recent research reports. TheStreet upgraded Main Street Capital from a “c+” rating to a “b-” rating in a research report on Monday, February 6th. Truist Financial boosted their price target on Main Street Capital from $40.00 to $43.00 and gave the company a “hold” rating in a report on Tuesday, February 28th. UBS Group assumed coverage on Main Street Capital in a report on Monday, December 19th. They issued a “neutral” rating and a $40.00 price target for the company. B. Riley upped their target price on Main Street Capital from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, February 27th. Finally, StockNews.com assumed coverage on Main Street Capital in a research note on Thursday. They set a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $42.50.

Main Street Capital Company Profile

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Main Street Capital is a principal investment firm that provides long-term debt and equity capital to lower middle market companies. Main Street’s investments are primarily made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million.