Zacks Investment Research Lowers Harvest Capital Credit (NASDAQ:HCAP) to Sell

Zacks Investment Research cut shares of Harvest Capital Credit (NASDAQ:HCAP) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, reports.

According to Zacks, “Harvest Capital Credit Corporation is a closed-end management investment company. The company invest in the form of subordinated debt, senior debt and minority equity. Harvest Capital Credit Corporation is headquartered in New York, United Sates. “

Shares of HCAP stock opened at $9.95 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 10.39 and a quick ratio of 1.72. The company has a market cap of $60.40 million, a price-to-earnings ratio of 10.70 and a beta of 0.67. The stock has a 50 day simple moving average of $10.27 and a 200-day simple moving average of $10.42. Harvest Capital Credit has a 1-year low of $9.31 and a 1-year high of $11.65.

Harvest Capital Credit (NASDAQ:HCAP) last announced its earnings results on Friday, August 9th. The investment management company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.02). The business had revenue of $2.99 million for the quarter, compared to analyst estimates of $3.50 million. Harvest Capital Credit had a return on equity of 6.25% and a net margin of 16.14%. Analysts anticipate that Harvest Capital Credit will post 0.7 earnings per share for the current fiscal year.

The company also recently disclosed a monthly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 22nd will be paid a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 9.65%. The ex-dividend date is Wednesday, August 21st. Harvest Capital Credit’s dividend payout ratio is currently 103.23%.

A hedge fund recently raised its stake in Harvest Capital Credit stock. Acadian Asset Management LLC boosted its position in Harvest Capital Credit Corp (NASDAQ:HCAP) by 9.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,530 shares of the investment management company’s stock after purchasing an additional 2,169 shares during the quarter. Acadian Asset Management LLC owned about 0.40% of Harvest Capital Credit worth $256,000 at the end of the most recent reporting period. 8.11% of the stock is owned by institutional investors and hedge funds.

About Harvest Capital Credit

Harvest Capital Credit Corporation is a business development company providing structured credit to small businesses and specializing in leveraged buyouts, add-on acquisitions, recapitalizations, growth financings and debt refinancing investments. It prefers to invest in North America-based companies.

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