Oppenheimer & Co. Inc. reduced its stake in shares of Garrison Capital Inc. (NASDAQ:GARS) by 36.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,303 shares of the investment management company’s stock after selling 19,424 shares during the quarter. Oppenheimer & Co. Inc. owned approximately 0.21% of Garrison Capital worth $289,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Goldman Sachs Group Inc. purchased a new stake in Garrison Capital in the second quarter worth about $129,000. Alpine Woods Capital Investors LLC lifted its stake in Garrison Capital by 81.8% in the second quarter. Alpine Woods Capital Investors LLC now owns 20,000 shares of the investment management company’s stock worth $165,000 after acquiring an additional 9,000 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Garrison Capital in the second quarter worth about $178,000. Stephens Inc. AR lifted its stake in Garrison Capital by 40.1% in the second quarter. Stephens Inc. AR now owns 30,274 shares of the investment management company’s stock worth $250,000 after acquiring an additional 8,667 shares during the period. Finally, Caxton Corp lifted its stake in Garrison Capital by 4.0% in the second quarter. Caxton Corp now owns 68,702 shares of the investment management company’s stock worth $567,000 after acquiring an additional 2,629 shares during the period. 24.22% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently weighed in on GARS shares. Zacks Investment Research raised shares of Garrison Capital from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Tuesday, October 24th. Maxim Group reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Garrison Capital in a research note on Thursday, November 9th. ValuEngine raised shares of Garrison Capital from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, National Securities reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Garrison Capital in a research note on Monday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $10.13.
Garrison Capital (NASDAQ:GARS) last announced its earnings results on Tuesday, November 7th. The investment management company reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.02). The firm had revenue of $8.90 million during the quarter. Garrison Capital had a return on equity of 9.33% and a net margin of 14.66%. analysts anticipate that Garrison Capital Inc. will post 1.08 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 22nd. Shareholders of record on Friday, December 8th will be issued a $0.28 dividend. The ex-dividend date is Thursday, December 7th. This represents a $1.12 dividend on an annualized basis and a yield of 13.22%. Garrison Capital’s dividend payout ratio is presently 329.41%.
In other news, CFO Brian S. Chase bought 4,000 shares of Garrison Capital stock in a transaction on Friday, November 17th. The stock was acquired at an average cost of $8.15 per share, for a total transaction of $32,600.00. Following the completion of the acquisition, the chief financial officer now owns 50,135 shares of the company’s stock, valued at approximately $408,600.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph Bertrand Tansey bought 7,902 shares of Garrison Capital stock in a transaction on Tuesday, November 21st. The stock was purchased at an average price of $8.27 per share, with a total value of $65,349.54. Following the completion of the acquisition, the chief executive officer now directly owns 103,796 shares of the company’s stock, valued at approximately $858,392.92. The disclosure for this purchase can be found here. Insiders acquired 14,902 shares of company stock valued at $122,640 over the last quarter. 5.80% of the stock is currently owned by corporate insiders.
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About Garrison Capital
Garrison Capital Inc is a managed, closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation by making investments primarily in debt securities and loans of the United States-based middle-market companies, which it defines as those having annual earnings before interest, taxes and depreciation, or EBITDA, of certain amount.
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