Millennium Management LLC Sells 18,491 Shares of Saratoga Investment Corp. (NYSE:SAR)

Millennium Management LLC decreased its stake in Saratoga Investment Corp. (NYSE:SAR) by 15.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,129 shares of the financial services provider’s stock after selling 18,491 shares during the period. Millennium Management LLC owned about 0.73% of Saratoga Investment worth $2,515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SAR. Promus Capital LLC acquired a new position in Saratoga Investment in the 4th quarter valued at approximately $30,000. JPMorgan Chase & Co. acquired a new position in Saratoga Investment in the 3rd quarter valued at approximately $116,000. Janney Montgomery Scott LLC acquired a new position in Saratoga Investment in the 4th quarter valued at approximately $212,000. Jane Street Group LLC acquired a new position in Saratoga Investment in the 4th quarter valued at approximately $252,000. Finally, HighTower Advisors LLC acquired a new position in Saratoga Investment in the 4th quarter valued at approximately $266,000. Institutional investors own 19.09% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen cut shares of Saratoga Investment from a “buy” rating to a “hold” rating in a research report on Tuesday, April 1st. B. Riley assumed coverage on shares of Saratoga Investment in a research report on Tuesday, May 13th. They issued a “neutral” rating and a $23.50 price target for the company. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $24.58.

Saratoga Investment Trading Down 0.6%

SAR opened at $24.84 on Friday. Saratoga Investment Corp. has a twelve month low of $21.10 and a twelve month high of $26.49. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average of $24.02 and a 200-day moving average of $24.49. The stock has a market cap of $381.67 million, a PE ratio of 10.02 and a beta of 0.65.

Saratoga Investment (NYSE:SAR) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.21). Saratoga Investment had a return on equity of 15.53% and a net margin of 22.01%. The firm had revenue of $31.30 million for the quarter, compared to analyst estimates of $32.86 million. On average, sell-side analysts predict that Saratoga Investment Corp. will post 3.93 EPS for the current year.

Saratoga Investment Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, May 22nd. Stockholders of record on Wednesday, May 7th were given a dividend of $0.25 per share. This represents a dividend yield of 12.31%. The ex-dividend date of this dividend was Tuesday, May 6th. Saratoga Investment’s dividend payout ratio (DPR) is presently 147.06%.

Saratoga Investment Profile

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.