Sound Point Meridian Capital (SPMC) Expected to Announce Quarterly Earnings on Wednesday

Sound Point Meridian Capital (NYSE:SPMC) is anticipated to post its results before the market opens on Wednesday, February 11th. Analysts expect Sound Point Meridian Capital to post earnings of $0.53 per share and revenue of $20.4530 million for the quarter.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings results on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $20.23 million during the quarter, compared to analyst estimates of $20.45 million.

Sound Point Meridian Capital Price Performance

Shares of NYSE:SPMC opened at $13.25 on Wednesday. The business’s fifty day moving average price is $14.06 and its two-hundred day moving average price is $16.14. Sound Point Meridian Capital has a fifty-two week low of $13.06 and a fifty-two week high of $22.30. The stock has a market capitalization of $271.63 million, a price-to-earnings ratio of 66.25 and a beta of 0.32.

Wall Street Analysts Forecast Growth

SPMC has been the topic of several analyst reports. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. B. Riley reduced their price target on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Industrial Alliance Securities set a $18.50 price objective on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. Finally, Oppenheimer set a $20.00 target price on Sound Point Meridian Capital in a report on Monday, December 1st. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Sound Point Meridian Capital presently has an average rating of “Moderate Buy” and a consensus price target of $18.90.

Insider Activity at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total transaction of $65,282.22. Following the completion of the sale, the insider owned 5,269,690 shares in the company, valued at $75,409,263.90. The trade was a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew E. Forstenhausler purchased 4,118 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was purchased at an average price of $13.60 per share, for a total transaction of $56,004.80. Following the acquisition, the director owned 6,318 shares of the company’s stock, valued at $85,924.80. The trade was a 187.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders purchased 8,480 shares of company stock valued at $115,727 and sold 10,803 shares valued at $156,663. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Kim LLC acquired a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000. Marshall Wace LLP boosted its stake in Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital during the 3rd quarter worth $267,000.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches. Sound Point Meridian Capital Inc is based in NEW YORK.