Zacks Investment Research Downgrades Portman Ridge Finance (NASDAQ:PTMN) to Sell

Portman Ridge Finance (NASDAQ:PTMN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Portman Ridge Finance Corporation is an investment company. It focuses on investment in consumer products, food and beverages, heathcare, logistics and distribution, media, telecommunication, education, aerospace and defense, industrial and environmental industries. Portman Ridge Finance Corporation, formerly known as KCAP Financial Inc., is based in New York, United States. “

Several other research analysts also recently commented on the company. TheStreet downgraded Portman Ridge Finance from a “c-” rating to a “d+” rating in a research note on Wednesday, July 17th. ValuEngine downgraded Portman Ridge Finance from a “sell” rating to a “strong sell” rating in a research note on Tuesday.



Shares of PTMN stock traded up $0.01 on Wednesday, hitting $2.31. 900 shares of the stock were exchanged, compared to its average volume of 118,605. Portman Ridge Finance has a one year low of $2.10 and a one year high of $3.80. The firm has a 50 day moving average price of $2.30. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $85.92 million, a price-to-earnings ratio of 8.56 and a beta of 0.71.

Portman Ridge Finance (NASDAQ:PTMN) last issued its earnings results on Tuesday, August 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.04). Portman Ridge Finance had a positive return on equity of 2.41% and a negative net margin of 86.64%. The company had revenue of $6.91 million during the quarter. Sell-side analysts expect that Portman Ridge Finance will post 0.17 earnings per share for the current year.

In related news, CEO Edward J. Goldthorpe bought 11,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average price of $2.29 per share, for a total transaction of $26,335.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders acquired 32,639 shares of company stock valued at $73,509. 6.30% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Callodine Capital Management LP bought a new stake in shares of Portman Ridge Finance during the 2nd quarter valued at about $3,449,000. Virtus ETF Advisers LLC bought a new stake in shares of Portman Ridge Finance during the 2nd quarter valued at about $1,683,000. Confluence Investment Management LLC bought a new stake in shares of Portman Ridge Finance during the 2nd quarter valued at about $766,000. Diversified Trust Co bought a new stake in shares of Portman Ridge Finance during the 2nd quarter valued at about $629,000. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of Portman Ridge Finance during the 2nd quarter valued at about $5,697,000. Hedge funds and other institutional investors own 26.82% of the company’s stock.

Portman Ridge Finance Company Profile

Portman Ridge Finance Corp. is a private equity fund and non-diversified closed-end investment company that invests in middle market companies generating consistent cash flows located in North America. It targets companies operating across a broad range of sectors such as aerospace and defense, automotive, beverage, food and tobacco, broadcasting and entertainment, buildings and real estate, personal and cargo transport, chemicals, plastics and rubber, containers, packaging and glass, diversified or conglomerate service, ecological, electronics, finance, and healthcare.

Further Reading: Oversold

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