Apollo Investment (NASDAQ:AINV) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Apollo Investment (NASDAQ:AINV) from a hold rating to a sell rating in a report released on Wednesday morning, Zacks.com reports.

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. “

Several other brokerages have also recently issued reports on AINV. National Securities reissued a neutral rating and issued a $18.00 price objective on shares of Apollo Investment in a report on Monday, May 20th. ValuEngine upgraded Yirendai from a strong sell rating to a sell rating in a research note on Friday, May 3rd. TheStreet lowered Zimmer Biomet from a b- rating to a c rating in a research note on Friday, June 7th. Finally, BidaskClub lowered Xencor from a sell rating to a strong sell rating in a research note on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $17.40.

Shares of AINV stock opened at $16.34 on Wednesday. The firm has a market cap of $1.11 billion, a PE ratio of 8.98, a PEG ratio of 8.97 and a beta of 1.10. The company has a 50-day moving average of $16.07. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.86. Apollo Investment has a 52-week low of $12.05 and a 52-week high of $18.00.

Apollo Investment (NASDAQ:AINV) last issued its quarterly earnings data on Thursday, May 16th. The asset manager reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.02. The business had revenue of $61.41 million during the quarter, compared to analysts’ expectations of $64.29 million. Apollo Investment had a return on equity of 9.48% and a net margin of 28.20%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 EPS. As a group, research analysts expect that Apollo Investment will post 1.82 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 20th were paid a $0.45 dividend. The ex-dividend date was Wednesday, June 19th. This represents a $1.80 annualized dividend and a dividend yield of 11.02%. Apollo Investment’s dividend payout ratio is presently 99.45%.

Several institutional investors have recently made changes to their positions in the stock. Whittier Trust Co. grew its position in shares of Apollo Investment by 43.7% in the first quarter. Whittier Trust Co. now owns 2,192 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 667 shares in the last quarter. Arlington Partners LLC purchased a new stake in shares of Apollo Investment in the second quarter valued at approximately $36,000. PNC Financial Services Group Inc. grew its position in shares of Apollo Investment by 213.1% in the first quarter. PNC Financial Services Group Inc. now owns 2,492 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 1,696 shares in the last quarter. Advisory Alpha LLC purchased a new stake in shares of Apollo Investment in the first quarter valued at approximately $38,000. Finally, Barnett & Company Inc. purchased a new stake in shares of Apollo Investment in the first quarter valued at approximately $67,000. Hedge funds and other institutional investors own 41.98% of the company’s stock.

Apollo Investment Company Profile

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.

Further Reading: Reverse Stock Split

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