Oppenheimer Keeps a Hold Rating on Garrison


In a report released today, Chris Kotowski from Oppenheimer maintained a Hold rating on Garrison (NASDAQ: GARS). The company’s shares opened today at $8.42.

Kotowski observed:

“While Garrison’s 1Q18 results were a bit ahead of what we’d expected, it was vexing to see another non-accrual pop up this quarter. The $9M position is marked at 50% of cost and represents about 2.3% of the portfolio, and the unrealized depreciation caused this quarter’s NAV to decline another 1.3% to $11.54, down 25% over three years resulting from some $66M of realized losses. While there was a lot of discussion on the call about increasing balance sheet leverage to grow earnings, and this should come with shareholder benefits such as the potential for a lower fee rate, that’s another year off and in the meantime, we just don’t yet have confidence about the stability of the book value or sustainability of the dividend.”

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 10.1% and a 65.7% success rate. Kotowski covers the Financial sector, focusing on stocks such as Eagle Point Credit Company Inc, Great Elm Capital Corporation, and Apollo Global Management LLC.

Garrison has an analyst consensus of Moderate Buy, with a price target consensus of $11.

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Based on Garrison’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $2.03 million. In comparison, last year the company had a GAAP net loss of $3.99 million.

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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.

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