BlackRock TCP Capital (NASDAQ:TCPC) Sets New 52-Week Low – Should You Sell?

BlackRock TCP Capital Corp. (NASDAQ:TCPC)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $8.01 and last traded at $8.02, with a volume of 506056 shares changing hands. The stock had previously closed at $8.16.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TCPC. Wells Fargo & Company lowered their price target on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating on the stock in a research report on Tuesday. Keefe, Bruyette & Woods decreased their target price on BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. StockNews.com downgraded BlackRock TCP Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. Finally, LADENBURG THALM/SH SH cut shares of BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, BlackRock TCP Capital currently has an average rating of “Hold” and a consensus price target of $8.83.

BlackRock TCP Capital Stock Performance

The firm has a 50-day moving average price of $8.50 and a 200 day moving average price of $9.79. The company has a debt-to-equity ratio of 1.51, a current ratio of 44.47 and a quick ratio of 44.47.

BlackRock TCP Capital (NASDAQ:TCPC) last posted its earnings results on Wednesday, August 7th. The investment management company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. BlackRock TCP Capital had a positive return on equity of 14.42% and a negative net margin of 20.11%. The company had revenue of $71.53 million during the quarter, compared to the consensus estimate of $70.39 million. During the same quarter last year, the firm earned $0.48 earnings per share. On average, analysts anticipate that BlackRock TCP Capital Corp. will post 1.66 EPS for the current year.

BlackRock TCP Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 17.00%. BlackRock TCP Capital’s payout ratio is presently -256.60%.

Insider Activity

In related news, CEO Rajneesh Vig purchased 25,000 shares of BlackRock TCP Capital stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average price of $9.09 per share, with a total value of $227,250.00. Following the completion of the transaction, the chief executive officer now directly owns 130,930 shares of the company’s stock, valued at $1,190,153.70. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Philip M. Tseng purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of $9.10 per share, with a total value of $91,000.00. Following the acquisition, the director now owns 27,481 shares in the company, valued at approximately $250,077.10. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Rajneesh Vig acquired 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of $9.09 per share, for a total transaction of $227,250.00. Following the completion of the purchase, the chief executive officer now directly owns 130,930 shares of the company’s stock, valued at $1,190,153.70. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 42,000 shares of company stock worth $381,875. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On BlackRock TCP Capital

Several hedge funds and other institutional investors have recently modified their holdings of TCPC. Barings LLC boosted its stake in BlackRock TCP Capital by 3,878.9% in the second quarter. Barings LLC now owns 17,492,789 shares of the investment management company’s stock valued at $188,922,000 after buying an additional 17,053,151 shares in the last quarter. Condor Capital Management acquired a new stake in shares of BlackRock TCP Capital in the 1st quarter valued at approximately $3,887,000. Transcend Capital Advisors LLC grew its holdings in shares of BlackRock TCP Capital by 61.5% during the 2nd quarter. Transcend Capital Advisors LLC now owns 780,960 shares of the investment management company’s stock valued at $8,434,000 after purchasing an additional 297,393 shares during the last quarter. Van ECK Associates Corp increased its position in BlackRock TCP Capital by 17.0% during the 2nd quarter. Van ECK Associates Corp now owns 1,963,463 shares of the investment management company’s stock worth $21,205,000 after purchasing an additional 284,802 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its stake in BlackRock TCP Capital by 87.2% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 185,041 shares of the investment management company’s stock valued at $1,930,000 after purchasing an additional 86,215 shares during the last quarter.

BlackRock TCP Capital Company Profile

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals.