Analysts predict that TCP Capital Corp (NASDAQ:TCPC) will report $44.77 million in sales for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for TCP Capital’s earnings, with the lowest sales estimate coming in at $43.78 million and the highest estimate coming in at $45.36 million. TCP Capital reported sales of $39.53 million in the same quarter last year, which would suggest a positive year over year growth rate of 13.3%. The company is scheduled to report its next quarterly earnings results before the market opens on Tuesday, February 27th.
According to Zacks, analysts expect that TCP Capital will report full year sales of $44.77 million for the current fiscal year, with estimates ranging from $173.00 million to $174.22 million. For the next financial year, analysts forecast that the firm will post sales of $189.22 million per share, with estimates ranging from $185.30 million to $195.35 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for TCP Capital.
Several brokerages have issued reports on TCPC. National Securities restated a “buy” rating and set a $19.00 target price on shares of TCP Capital in a research report on Thursday, November 9th. Ladenburg Thalmann Financial Services began coverage on shares of TCP Capital in a research note on Monday, November 20th. They set a “buy” rating and a $17.00 price target for the company. Finally, BidaskClub raised shares of TCP Capital from a “strong sell” rating to a “sell” rating in a research note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. TCP Capital currently has a consensus rating of “Buy” and a consensus price target of $18.00.
TCP Capital (NASDAQ TCPC) opened at $14.51 on Friday. TCP Capital has a 12-month low of $14.09 and a 12-month high of $17.47. The stock has a market capitalization of $853.07, a P/E ratio of 10.59, a price-to-earnings-growth ratio of 1.83 and a beta of 0.68. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.18 and a current ratio of 1.18.
TCP Capital announced that its board has authorized a stock buyback plan on Tuesday, November 7th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the investment management company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
In other TCP Capital news, CEO Howard Levkowitz acquired 7,900 shares of TCP Capital stock in a transaction that occurred on Tuesday, January 30th. The stock was bought at an average price of $15.28 per share, with a total value of $120,712.00. Following the completion of the purchase, the chief executive officer now directly owns 99,657 shares of the company’s stock, valued at approximately $1,522,758.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathleen A. Corbet acquired 2,500 shares of TCP Capital stock in a transaction that occurred on Tuesday, January 30th. The stock was acquired at an average cost of $15.22 per share, with a total value of $38,050.00. Following the purchase, the director now directly owns 25,000 shares of the company’s stock, valued at $380,500. The disclosure for this purchase can be found here. Insiders purchased 26,400 shares of company stock valued at $393,692 in the last three months. 0.56% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the stock. Millennium Management LLC raised its stake in TCP Capital by 3.5% in the fourth quarter. Millennium Management LLC now owns 807,309 shares of the investment management company’s stock worth $12,336,000 after buying an additional 27,509 shares in the last quarter. Two Sigma Investments LP raised its stake in TCP Capital by 38.7% in the fourth quarter. Two Sigma Investments LP now owns 222,571 shares of the investment management company’s stock worth $3,401,000 after buying an additional 62,057 shares in the last quarter. Two Sigma Advisers LP raised its stake in TCP Capital by 10.5% in the fourth quarter. Two Sigma Advisers LP now owns 287,399 shares of the investment management company’s stock worth $4,391,000 after buying an additional 27,300 shares in the last quarter. Guggenheim Capital LLC raised its stake in TCP Capital by 5.0% in the fourth quarter. Guggenheim Capital LLC now owns 546,494 shares of the investment management company’s stock worth $8,350,000 after buying an additional 26,111 shares in the last quarter. Finally, Kennedy Capital Management Inc. raised its stake in TCP Capital by 462.6% in the fourth quarter. Kennedy Capital Management Inc. now owns 316,024 shares of the investment management company’s stock worth $4,829,000 after buying an additional 259,855 shares in the last quarter. 53.46% of the stock is owned by institutional investors.
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About TCP Capital
TCP Capital Corp. is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. It invests in the debt of middle-market companies, as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds.
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