Zacks Investment Research upgraded shares of Oaktree Specialty Lending (NASDAQ:OCSL) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $7.50 target price on the credit services provider’s stock.
According to Zacks, “Oaktree Specialty Lending Corporation is a specialty finance company. It provides customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The company generates current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans and preferred equity. Oaktree Specialty Lending Corporation, formerly known as Fifth Street Finance Corp., is based in CA, United States. “
Separately, Hovde Group started coverage on Oaktree Specialty Lending in a research report on Friday, March 5th. They set an outperform rating and a $7.25 price objective for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Oaktree Specialty Lending currently has an average rating of Buy and a consensus price target of $5.83.
Oaktree Specialty Lending (NASDAQ:OCSL) last released its quarterly earnings results on Wednesday, February 3rd. The credit services provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $38.20 million for the quarter, compared to the consensus estimate of $36.86 million. Oaktree Specialty Lending had a return on equity of 8.29% and a net margin of 27.40%. As a group, sell-side analysts anticipate that Oaktree Specialty Lending will post 0.53 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 7.21%. This is a boost from Oaktree Specialty Lending’s previous quarterly dividend of $0.11. The ex-dividend date was Friday, March 12th. Oaktree Specialty Lending’s dividend payout ratio (DPR) is presently 94.12%.
In other news, major shareholder Leonard M. Tannenbaum sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, February 22nd. The stock was sold at an average price of $6.14, for a total value of $614,000.00. Following the completion of the sale, the insider now directly owns 16,009,597 shares of the company’s stock, valued at approximately $98,298,925.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Leonard M. Tannenbaum sold 72,600 shares of the firm’s stock in a transaction that occurred on Friday, February 19th. The shares were sold at an average price of $6.11, for a total value of $443,586.00. Following the completion of the sale, the insider now directly owns 16,009,597 shares of the company’s stock, valued at $97,818,637.67. The disclosure for this sale can be found here. Insiders sold a total of 1,678,906 shares of company stock valued at $10,740,069 over the last three months. Insiders own 0.19% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Kennedy Capital Management Inc. lifted its holdings in shares of Oaktree Specialty Lending by 1.1% in the 4th quarter. Kennedy Capital Management Inc. now owns 2,903,232 shares of the credit services provider’s stock valued at $16,171,000 after buying an additional 33,006 shares during the period. CLARET ASSET MANAGEMENT Corp increased its stake in Oaktree Specialty Lending by 20.1% in the 4th quarter. CLARET ASSET MANAGEMENT Corp now owns 2,100,676 shares of the credit services provider’s stock valued at $11,701,000 after purchasing an additional 351,230 shares in the last quarter. Ares Management LLC increased its stake in Oaktree Specialty Lending by 49.3% in the 4th quarter. Ares Management LLC now owns 1,965,888 shares of the credit services provider’s stock valued at $10,950,000 after purchasing an additional 648,749 shares in the last quarter. Van ECK Associates Corp increased its stake in Oaktree Specialty Lending by 14.2% in the 4th quarter. Van ECK Associates Corp now owns 1,927,719 shares of the credit services provider’s stock valued at $10,737,000 after purchasing an additional 239,293 shares in the last quarter. Finally, TCW Group Inc. increased its stake in Oaktree Specialty Lending by 6.8% in the 4th quarter. TCW Group Inc. now owns 1,559,922 shares of the credit services provider’s stock valued at $8,688,000 after purchasing an additional 100,000 shares in the last quarter. 53.92% of the stock is owned by institutional investors and hedge funds.
Oaktree Specialty Lending Company Profile
Oaktree Specialty Lending Corporation is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, and management buyouts in small and mid-sized companies.
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