Portman Ridge Finance Corp (NASDAQ:PTMN) was the target of a large growth in short interest in November. As of November 29th, there was short interest totalling 200,300 shares, a growth of 13.2% from the November 14th total of 177,000 shares. Based on an average daily volume of 83,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 0.6% of the company’s stock are sold short.
Shares of PTMN traded up $0.02 during midday trading on Friday, reaching $2.06. The stock had a trading volume of 37,765 shares, compared to its average volume of 136,031. The company’s fifty day simple moving average is $2.14 and its two-hundred day simple moving average is $2.32. Portman Ridge Finance has a 1-year low of $1.99 and a 1-year high of $3.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.09 and a quick ratio of 0.09. The company has a market cap of $76.24 million, a price-to-earnings ratio of 7.63 and a beta of 0.70.
Portman Ridge Finance (NASDAQ:PTMN) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.01). Portman Ridge Finance had a positive return on equity of 2.08% and a negative net margin of 108.42%. The company had revenue of $7.08 million for the quarter. On average, sell-side analysts forecast that Portman Ridge Finance will post 0.17 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.06 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.24 annualized dividend and a yield of 11.65%. Portman Ridge Finance’s dividend payout ratio is currently 88.89%.
In other news, Director Christopher Lacovara sold 122,066 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $2.19, for a total value of $267,324.54. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Edward J. Goldthorpe acquired 24,238 shares of Portman Ridge Finance stock in a transaction dated Wednesday, December 4th. The stock was purchased at an average price of $2.05 per share, for a total transaction of $49,687.90. Insiders bought a total of 29,238 shares of company stock worth $60,078 over the last 90 days. Company insiders own 6.30% of the company’s stock.
A number of large investors have recently made changes to their positions in PTMN. Callodine Capital Management LP acquired a new stake in Portman Ridge Finance during the 2nd quarter worth $3,449,000. Virtus ETF Advisers LLC acquired a new position in Portman Ridge Finance in the second quarter valued at $1,683,000. Independent Advisor Alliance acquired a new position in Portman Ridge Finance in the second quarter valued at $98,000. Creative Planning acquired a new position in Portman Ridge Finance in the second quarter valued at $82,000. Finally, Morgan Stanley acquired a new position in Portman Ridge Finance in the second quarter valued at $53,000. Hedge funds and other institutional investors own 27.70% of the company’s stock.
A number of brokerages have recently weighed in on PTMN. Zacks Investment Research lowered shares of Portman Ridge Finance from a “hold” rating to a “sell” rating in a report on Tuesday, October 8th. LADENBURG THALM/SH SH upgraded shares of Portman Ridge Finance from a “neutral” rating to a “buy” rating in a report on Friday, November 8th. Finally, ValuEngine lowered shares of Portman Ridge Finance from a “buy” rating to a “hold” rating in a report on Tuesday.
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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