Sound Point Meridian Capital, Inc. (NYSE:SPMC) Sees Large Increase in Short Interest

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totaling 9,402 shares, an increase of 34.3% from the December 31st total of 7,002 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average trading volume of 27,509 shares, the short-interest ratio is presently 0.3 days. Based on an average trading volume of 27,509 shares, the short-interest ratio is presently 0.3 days. Currently, 0.0% of the shares of the stock are sold short.

Insider Activity

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of Sound Point Meridian Capital stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the transaction, the insider owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. The trade was a 0.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew E. Forstenhausler bought 4,118 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average cost of $13.60 per share, with a total value of $56,004.80. Following the completion of the purchase, the director owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. The trade was a 187.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 8,480 shares of company stock worth $115,727 and sold 10,803 shares worth $156,663. 0.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several large investors have recently made changes to their positions in the business. Everest Management Corp. bought a new stake in Sound Point Meridian Capital during the 2nd quarter valued at approximately $1,303,000. Marshall Wace LLP lifted its holdings in shares of Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after buying an additional 20,163 shares during the last quarter. Kim LLC bought a new stake in shares of Sound Point Meridian Capital in the second quarter valued at approximately $192,821,000. Finally, Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the third quarter valued at approximately $267,000.

Sound Point Meridian Capital Stock Down 3.3%

Shares of SPMC traded down $0.45 during midday trading on Tuesday, reaching $13.28. 25,566 shares of the stock were exchanged, compared to its average volume of 21,583. The company has a market cap of $272.14 million, a price-to-earnings ratio of 66.76 and a beta of 0.32. The firm has a 50 day simple moving average of $14.09 and a 200-day simple moving average of $16.17. Sound Point Meridian Capital has a 12-month low of $13.06 and a 12-month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings results on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.02). The firm had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.25 per share. This represents a c) dividend on an annualized basis and a yield of 22.6%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is 1,500.00%.

Wall Street Analyst Weigh In

SPMC has been the subject of several recent analyst reports. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Friday. Oppenheimer set a $20.00 price objective on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. Industrial Alliance Securities set a $18.50 target price on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. Finally, B. Riley lowered their price target on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.90.

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. Sound Point Meridian Capital Inc is based in NEW YORK.