Condor Capital Management has significantly reduced its stake in Carlyle Secured Lending, Inc. (NASDAQ:CGBD) by 36.3% during the second quarter of 2023. According to the firm’s recent 13F filing with the Securities and Exchange Commission, Condor owned 175,506 shares after selling 99,903 shares during the quarter. This reduction brought its total ownership to approximately 0.34% of Carlyle Secured Lending, valued at $2,401,000 at the end of the reporting period.
The market for Carlyle Secured Lending is seeing activity from various institutional investors. Quarry LP acquired a new stake in the company valued at $32,000 in the first quarter. Similarly, Catalyst Capital Advisors LLC entered the market during the second quarter with a position worth $97,000, while Cerity Partners LLC invested $170,000 earlier in the year. SCS Capital Management LLC also purchased new shares valued at $188,000 in the first quarter.
In a noteworthy shift, U.S. Capital Wealth Advisors LLC increased its holdings by 34.3% during the second quarter, now owning 13,850 shares valued at $189,000 after adding 3,540 shares. Currently, about 24.51% of Carlyle Secured Lending’s stock is owned by hedge funds and institutional investors.
Market Performance and Dividend Announcement
As of the last trading day, shares of CGBD opened at $11.88. The stock has experienced a 1-year low of $11.65 and a high of $18.64. The company boasts a market capitalization of $605.40 million, a price-to-earnings ratio of 10.07, and a beta of 0.87. Its financial ratios include a debt-to-equity ratio of 1.10, a current ratio of 0.90, and a quick ratio of 0.90. The stock’s 50-day simple moving average stands at $12.67, while the 200-day average is $13.50.
Carlyle Secured Lending also announced a quarterly dividend of $0.40 per share, set to be paid on January 16, 2024. Stockholders of record as of December 31, 2023 will receive this dividend, which translates to an annualized payout of $1.60 and a dividend yield of 13.5%. The company’s current payout ratio is 135.59%, indicating a high level of dividend distribution relative to earnings.
Analysts Adjust Price Targets
Recent evaluations from equity analysts have resulted in mixed recommendations for Carlyle Secured Lending. JPMorgan Chase & Co. revised its price target from $12.50 to $12.00, maintaining a “neutral” rating. Similarly, B. Riley lowered its target from $14.50 to $13.00 while also rating the stock as “neutral.”
Conversely, Raymond James Financial upgraded its recommendation from “market perform” to “outperform,” with a new price target of $15.00. On the other hand, Zacks Research downgraded the stock from a “hold” rating to a “strong sell” designation.
Among the analysts, two rated the stock as a Buy, three assigned a Hold rating, and two issued Sell recommendations. The consensus rating stands at “Hold,” with an average target price of $14.33, according to MarketBeat.com.
In related transactions, John G. Nestor, a director of Carlyle Secured Lending, sold 13,238 shares on August 18, 2023, for a total of $178,580.62. Following this sale, Nestor’s holdings decreased by 47.57% to 14,593 shares. This transaction was disclosed in an official SEC filing. In contrast, Thomas M. Hennigan, the Chief Financial Officer, purchased 7,285 shares on August 20, 2023, for a total of $100,168.75, increasing his position by 8.97%.
The profile of Carlyle Secured Lending highlights its focus as a business development company specializing in various types of debt and equity investments, primarily in middle-market sectors such as healthcare, aerospace, technology, and real estate.
