Insider Selling: Portman Ridge Finance Corp (NASDAQ:PTMN) Director Sells 122,066 Shares of Stock

Portman Ridge Finance Corp (NASDAQ:PTMN) Director Christopher Lacovara sold 122,066 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $2.19, for a total value of $267,324.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Shares of NASDAQ:PTMN traded down $0.02 during trading hours on Monday, hitting $2.04. 179,100 shares of the company’s stock traded hands, compared to its average volume of 135,897. Portman Ridge Finance Corp has a 1 year low of $2.03 and a 1 year high of $3.80. The business has a fifty day moving average price of $2.22 and a 200-day moving average price of $2.41. The firm has a market capitalization of $80.72 million, a P/E ratio of 7.56 and a beta of 0.72. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.09 and a quick ratio of 0.09.

Portman Ridge Finance (NASDAQ:PTMN) last announced its earnings results on Thursday, November 7th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.01). Portman Ridge Finance had a negative net margin of 108.42% and a positive return on equity of 2.08%. The business had revenue of $7.08 million for the quarter. As a group, equities analysts predict that Portman Ridge Finance Corp will post 0.17 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.24 annualized dividend and a dividend yield of 11.76%. Portman Ridge Finance’s dividend payout ratio (DPR) is presently 88.89%.

Several brokerages have issued reports on PTMN. Zacks Investment Research lowered Portman Ridge Finance from a “hold” rating to a “sell” rating in a research report on Tuesday, October 8th. LADENBURG THALM/SH SH upgraded Portman Ridge Finance from a “neutral” rating to a “buy” rating in a research report on Friday, November 8th. Finally, ValuEngine upgraded Portman Ridge Finance from a “hold” rating to a “buy” rating in a research report on Wednesday, November 13th.

Several hedge funds and other institutional investors have recently made changes to their positions in PTMN. LPL Financial LLC purchased a new stake in shares of Portman Ridge Finance in the second quarter valued at approximately $30,000. JPMorgan Chase & Co. purchased a new stake in shares of Portman Ridge Finance in the second quarter valued at approximately $30,000. HighTower Advisors LLC purchased a new stake in shares of Portman Ridge Finance in the second quarter valued at approximately $34,000. Ladenburg Thalmann Financial Services Inc. purchased a new stake in shares of Portman Ridge Finance in the second quarter valued at approximately $35,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Portman Ridge Finance in the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 27.49% of the company’s stock.

About Portman Ridge Finance

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.

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