Portman Ridge Finance Co. (NASDAQ:PTMN – Get Rating) was the target of a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 129,700 shares, a growth of 61.3% from the June 15th total of 80,400 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average daily volume of 37,700 shares, the short-interest ratio is currently 3.4 days.
Portman Ridge Finance Trading Up 0.7 %
PTMN traded up $0.17 during trading on Friday, reaching $23.75. 15,078 shares of the stock traded hands, compared to its average volume of 34,362. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 1.25. The stock’s 50-day moving average is $22.82 and its 200 day moving average is $23.72. Portman Ridge Finance has a 12 month low of $21.33 and a 12 month high of $25.97. The stock has a market capitalization of $230.61 million, a PE ratio of 9.10 and a beta of 0.97.
Portman Ridge Finance (NASDAQ:PTMN – Get Rating) last announced its earnings results on Tuesday, May 10th. The company reported $0.82 EPS for the quarter. The company had revenue of $16.94 million for the quarter. Portman Ridge Finance had a return on equity of 15.19% and a net margin of 28.00%. During the same quarter in the previous year, the company earned $1.10 EPS. Equities analysts anticipate that Portman Ridge Finance will post 2.81 earnings per share for the current year.
Portman Ridge Finance Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 7th. Investors of record on Tuesday, May 24th were given a $0.63 dividend. The ex-dividend date of this dividend was Monday, May 23rd. This represents a $2.52 annualized dividend and a yield of 10.61%. Portman Ridge Finance’s payout ratio is 96.55%.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Oppenheimer assumed coverage on Portman Ridge Finance in a research report on Tuesday, July 5th. They set a “market perform” rating and a $26.00 price objective for the company. TheStreet lowered shares of Portman Ridge Finance from a “b-” rating to a “c+” rating in a report on Friday, May 13th.
Hedge Funds Weigh In On Portman Ridge Finance
Several large investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. raised its stake in Portman Ridge Finance by 30.6% in the 1st quarter. Advisors Asset Management Inc. now owns 83,805 shares of the company’s stock valued at $2,026,000 after acquiring an additional 19,651 shares during the period. Confluence Investment Management LLC grew its holdings in shares of Portman Ridge Finance by 19.1% during the second quarter. Confluence Investment Management LLC now owns 62,459 shares of the company’s stock worth $1,463,000 after purchasing an additional 10,011 shares in the last quarter. Clayton Partners LLC increased its holdings in shares of Portman Ridge Finance by 29.3% in the 1st quarter. Clayton Partners LLC now owns 269,468 shares of the company’s stock worth $6,516,000 after buying an additional 61,006 shares during the last quarter. Raymond James & Associates bought a new position in Portman Ridge Finance in the fourth quarter valued at $513,000. Finally, Bulldog Investors LLP raised its position in Portman Ridge Finance by 2.7% during the fourth quarter. Bulldog Investors LLP now owns 48,369 shares of the company’s stock valued at $1,198,000 after purchasing an additional 1,284 shares in the last quarter. 26.29% of the stock is currently owned by institutional investors.
Portman Ridge Finance Company Profile
Portman Ridge Finance Corporation is a business development company specializing in investments in unitranche loans (including last out), first lien loans, second lien loans, subordinated debt, equity co-investment, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm’s business.