Portman Ridge Finance (NASDAQ:PTMN) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Portman Ridge Finance (NASDAQ:PTMN) from a hold rating to a sell rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Portman Ridge Finance Corporation is an investment company. It focuses on investment in consumer products, food and beverages, heathcare, logistics and distribution, media, telecommunication, education, aerospace and defense, industrial and environmental industries. Portman Ridge Finance Corporation, formerly known as KCAP Financial Inc., is based in New York, United States. “

A number of other research firms have also issued reports on PTMN. TheStreet lowered shares of Portman Ridge Finance from a c- rating to a d+ rating in a research note on Wednesday, July 17th. ValuEngine raised shares of Portman Ridge Finance from a sell rating to a hold rating in a research note on Thursday, August 1st.

NASDAQ PTMN opened at $2.20 on Tuesday. Portman Ridge Finance has a one year low of $2.10 and a one year high of $3.80. The firm has a 50-day simple moving average of $2.36. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market cap of $85.92 million, a price-to-earnings ratio of 23.00 and a beta of 0.74.

Portman Ridge Finance (NASDAQ:PTMN) last posted its earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.04). The firm had revenue of $6.91 million for the quarter. Portman Ridge Finance had a negative net margin of 86.64% and a positive return on equity of 2.41%. Equities research analysts expect that Portman Ridge Finance will post 0.17 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Monday, August 12th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 10.91%. The ex-dividend date of this dividend is Friday, August 9th. Portman Ridge Finance’s payout ratio is 88.89%.

In other news, CEO Edward J. Goldthorpe bought 11,500 shares of Portman Ridge Finance stock in a transaction on Tuesday, August 13th. The stock was purchased at an average cost of $2.29 per share, with a total value of $26,335.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 6.30% of the company’s stock.

Several large investors have recently modified their holdings of PTMN. Callodine Capital Management LP acquired a new stake in shares of Portman Ridge Finance in the 2nd quarter worth approximately $3,449,000. Virtus ETF Advisers LLC acquired a new stake in shares of Portman Ridge Finance in the 2nd quarter worth approximately $1,683,000. Confluence Investment Management LLC acquired a new stake in shares of Portman Ridge Finance in the 2nd quarter worth approximately $766,000. Diversified Trust Co acquired a new stake in shares of Portman Ridge Finance in the 2nd quarter worth approximately $629,000. Finally, Thoroughbred Financial Services LLC acquired a new stake in shares of Portman Ridge Finance in the 2nd quarter worth approximately $5,697,000. 22.23% of the stock is owned by institutional investors.

About Portman Ridge Finance

Portman Ridge Finance Corp. is a private equity fund and non-diversified closed-end investment company that invests in middle market companies generating consistent cash flows located in North America. It targets companies operating across a broad range of sectors such as aerospace and defense, automotive, beverage, food and tobacco, broadcasting and entertainment, buildings and real estate, personal and cargo transport, chemicals, plastics and rubber, containers, packaging and glass, diversified or conglomerate service, ecological, electronics, finance, and healthcare.

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