7. Solar Capital (SLRC) is an investment company for leveraged, middle-market companies. Solar Capital's investment objective is to generate both current income and capital appreciation through debt and equity investments.
The company declared a quarterly dividend of 60 cents per share payable Dec. 29 to shareholders of record Dec. 15. Net operating cash stood at $32.5 million as of Sept. 30. Currently, the company is trading at a dividend yield of 13.9% and 12.1% one-year dividend growth, as per data compiled by Bloomberg.
For the third quarter, the company reported investment income of $35.3 billion from $29.4 billion in the third quarter of 2010. Net investment income for the company grew 32.7% to $20.7 billion, compared to $15.6 billion in same quarter last year. Total investment value was about $1 billion at the end of the quarter and $976.2 million as of Dec. 31, 2010. Cash and cash equivalents stood at $233 million at the end of the quarter.Recently, the company announced that a new lender has committed $50 million to its senior secured credit facility, bringing total commitment under the agreement to $405 million and the facility will mature in Feb. 2013 and with scope for expansion to $600 million. Of the 11 analysts covering the stock, 64% recommend a buy and 36% rate a hold. A consensus forecast of analysts polled by Bloomberg has average 12-month price target of $24.78 for the stock, about 15.2% higher than the current price.
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