Oppenheimer analyst Chris Kotowski maintained a Hold rating on Garrison (NASDAQ: GARS) yesterday. The company’s shares closed yesterday at $8.43.
Kotowski said:
“We’ve been seeking a few key things from GARS before stepping back into the stock: NAV stability, a stabilizing credit profile, and confidence that the portfolio can support the $1.12 annual dividend. This quarter, we’d say progress was mixed. While non- accruals were stable, one of the legacy equity positions was marked down $1.4M, bringing NAV to $11.44, down a modest ~3% from a year ago. However, this quarter’s net investment income of $0.27 was below our expectations of $0.30 and the $0.28 quarterly dividend. If shareholders approve GARS’ ability to double its leverage when the vote is held next week, we can see a path to earning $1.12. There is still much to do to get there; thus for now, we remain on the sidelines.”
According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 11.6% and a 69.7% success rate. Kotowski covers the Financial sector, focusing on stocks such as Eagle Point Credit Company Inc, Fidus Investment Corporation, and Solar Senior Capital Ltd.
Garrison has an analyst consensus of Moderate Buy, with a price target consensus of $11.
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Garrison’s market cap is currently $134.5M and has a P/E ratio of 10.34. The company has a Price to Book ratio of 0.74.
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Garrison Capital, Inc. operates as a externally managed, non-diversified closed-end investment fund. The firm’s investment objective is to generate current income and capital appreciation by making investments primarily in debt securities and loans of U.S. based middle-market companies.
