Saratoga Investment Corp. (NYSE:SAR) Sees Significant Drop in Short Interest

Saratoga Investment Corp. (NYSE:SARGet Rating) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 23,600 shares, a decrease of 29.1% from the October 15th total of 33,300 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 33,300 shares, the days-to-cover ratio is presently 0.7 days.

Analysts Set New Price Targets

SAR has been the topic of several research analyst reports. Raymond James decreased their price objective on shares of Saratoga Investment from $28.50 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, October 6th. StockNews.com cut shares of Saratoga Investment from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Hovde Group decreased their price target on shares of Saratoga Investment to $25.00 in a research note on Wednesday, October 5th.

Hedge Funds Weigh In On Saratoga Investment

Several large investors have recently bought and sold shares of the business. Avantax Advisory Services Inc. lifted its holdings in Saratoga Investment by 5.6% in the second quarter. Avantax Advisory Services Inc. now owns 8,852 shares of the financial services provider’s stock valued at $212,000 after buying an additional 469 shares during the period. RMB Capital Management LLC lifted its holdings in Saratoga Investment by 2.0% in the first quarter. RMB Capital Management LLC now owns 25,901 shares of the financial services provider’s stock valued at $706,000 after buying an additional 501 shares during the period. Raymond James & Associates lifted its holdings in Saratoga Investment by 0.9% in the third quarter. Raymond James & Associates now owns 85,557 shares of the financial services provider’s stock valued at $1,777,000 after buying an additional 749 shares during the period. Next Level Private LLC lifted its holdings in Saratoga Investment by 4.1% in the first quarter. Next Level Private LLC now owns 22,841 shares of the financial services provider’s stock valued at $623,000 after buying an additional 891 shares during the period. Finally, Fairfield Bush & CO. acquired a new position in Saratoga Investment in the first quarter valued at approximately $27,000. 19.74% of the stock is currently owned by institutional investors and hedge funds.

Saratoga Investment Price Performance

SAR opened at $23.23 on Friday. Saratoga Investment has a one year low of $20.16 and a one year high of $29.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.03 and a quick ratio of 0.03. The company’s 50 day simple moving average is $22.73 and its 200-day simple moving average is $24.03. The stock has a market capitalization of $276.44 million, a P/E ratio of 16.71 and a beta of 1.33.

Saratoga Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were paid a dividend of $0.54 per share. This is a boost from Saratoga Investment’s previous quarterly dividend of $0.53. This represents a $2.16 annualized dividend and a dividend yield of 9.30%. The ex-dividend date was Tuesday, September 13th. Saratoga Investment’s dividend payout ratio is 155.40%.

About Saratoga Investment

(Get Rating)

Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity.

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