Wells Fargo & Company Upgrades Apollo Investment (NASDAQ:AINV) to Overweight

Apollo Investment (NASDAQ:AINVGet Rating) was upgraded by Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued on Wednesday, MarketBeat reports. The firm presently has a $13.50 price objective on the asset manager’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 2.20% from the company’s previous close.

Apollo Investment Stock Performance

NASDAQ:AINV opened at $13.21 on Wednesday. The stock has a market cap of $839.09 million, a P/E ratio of 15.18 and a beta of 1.65. The firm’s fifty day simple moving average is $11.39 and its 200 day simple moving average is $12.48. Apollo Investment has a twelve month low of $10.01 and a twelve month high of $14.00. The company has a quick ratio of 1.60, a current ratio of 1.56 and a debt-to-equity ratio of 1.62.

Apollo Investment (NASDAQ:AINVGet Rating) last released its quarterly earnings results on Tuesday, August 2nd. The asset manager reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.03. The business had revenue of $53.40 million for the quarter, compared to analysts’ expectations of $54.04 million. Apollo Investment had a net margin of 25.87% and a return on equity of 9.28%. During the same quarter in the previous year, the business posted $0.39 earnings per share. As a group, research analysts predict that Apollo Investment will post 1.39 EPS for the current year.

Insider Buying and Selling at Apollo Investment

In other news, CEO Howard Widra acquired 20,000 shares of the stock in a transaction on Wednesday, August 3rd. The stock was acquired at an average price of $13.01 per share, with a total value of $260,200.00. Following the completion of the transaction, the chief executive officer now owns 303,645 shares of the company’s stock, valued at approximately $3,950,421.45. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Apollo Investment

Large investors have recently modified their holdings of the stock. First Horizon Advisors Inc. raised its position in shares of Apollo Investment by 146.3% in the 4th quarter. First Horizon Advisors Inc. now owns 2,037 shares of the asset manager’s stock worth $26,000 after purchasing an additional 1,210 shares during the last quarter. Sigma Planning Corp raised its position in shares of Apollo Investment by 4.9% in the 4th quarter. Sigma Planning Corp now owns 39,751 shares of the asset manager’s stock worth $508,000 after purchasing an additional 1,855 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Apollo Investment by 2.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 62,612 shares of the asset manager’s stock worth $800,000 after purchasing an additional 1,270 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Apollo Investment by 63.0% in the 4th quarter. HighTower Advisors LLC now owns 63,134 shares of the asset manager’s stock worth $806,000 after purchasing an additional 24,406 shares during the last quarter. Finally, D.A. Davidson & CO. raised its position in shares of Apollo Investment by 21.8% in the 4th quarter. D.A. Davidson & CO. now owns 42,275 shares of the asset manager’s stock worth $541,000 after purchasing an additional 7,576 shares during the last quarter. Hedge funds and other institutional investors own 30.83% of the company’s stock.

About Apollo Investment

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Apollo Investment Corporation is business development company and a closed-end, externally managed, non-diversified management investment company. It is elected to be treated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act) specializing in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing and private middle market companies.

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