Apollo Investment (AINV) - NASDAQ
  • Fri, Jun. 3, 7:47 AM
    • Apollo Investment (NASDAQ:AINV), PennantPark Investment (NASDAQ:PNNT), and Fifth Street Finance (NASDAQ:FSC) are "highly oversold," turning the risk/reward in the trio positive, says SunTrust. They've got 25-40% upside, but patience will be required.
    | Fri, Jun. 3, 7:47 AM | 15 Comments
  • Fri, May 20, 9:53 AM
    • What good is buying a stock at a steep discount to book value if book value keeps dropping. Apollo Investment (AINV -1.3%) now trades at about a 28% discount to March 31 book value, but book value fell at an annualized 15% pace in the March quarter thanks mostly to the company's energy investments.
    • The BDC's investment manager (Apollo Global) is doing just fine, thank you, but will be reducing fees for fiscal 2017 (started April 1). The manager is an owner of 8.6M shares, or 3.8% of Apollo, and plans to buy up to another $50M worth (conference call transcript).
    • Is a dividend cut in the offing? Management naturally doesn't provide an answer, but promises "we are not going to reach t make that dividend."
    • BB&T and KBW both throw in the towel on their Buy ratings, Cutting its price target to $7 from $7.50, Jefferies maintains its Buy rating, noting the sizable discount to book, and saying the company has various levers to pull to maintain the current dividend.
    • Previously: Apollo Investment misses by $0.01, misses on total investment income (May 19)
    • Previously: Apollo Investment NAV falls thanks to oil, legacy investments (May 19)
    | Fri, May 20, 9:53 AM | 1 Comment
  • Thu, May 19, 7:43 AM
    • FQ4 net investment income of $44.6M or $0.20 per share vs. $0.21 per share in FQ3.
    • Net asset value per share of $7.28 slips from $7.56 three months earlier. Yesterday's close was $5.68. Management notes oil investments and credit weakness in a few legacy investments.
    • Net investment activity of negative $86.8M, after repayments.
    • 2M shares bought back for $10M.
    • Conference call at 10 ET
    • Previously: Apollo Investment misses by $0.01, misses on revenue (May 19)
    • AINV flat premarket
    | Thu, May 19, 7:43 AM | 2 Comments
  • Thu, May 19, 7:36 AM
    • Apollo Investment (NASDAQ:AINV): FQ4 NII of $0.20 misses by $0.01.
    • Total investment income of $85.34M (-16.4% Y/Y) misses by $4.74M.
    • Press Release
    | Thu, May 19, 7:36 AM
  • Wed, May 18, 5:30 PM
    | Wed, May 18, 5:30 PM | 7 Comments
  • Wed, May 18, 2:37 PM
    • Encouraged by narrowing credit spreads, and an oil price about to crack $50 (on the way up, not down), business development companies are nevertheless giving up session gains, with most turning negative following the FOMC's hawkish shocker.
    • Prospect Capital (PSEC -1.3%), Ares Capital (ARCC -0.8%), Main Street (MAIN -1.9%), Apollo Investment (AINV -1.7%), Triangle (TCAP -1.1%), PennantPark Investment (PNNT -1.5%), KCAP Financial (KCAP -1.2%), FS Investment (FSIC -0.3%)
    • ETFs: BDCL, BDCS, BIZD, FGB, LBDC
    | Wed, May 18, 2:37 PM | 25 Comments
  • Tue, May 17, 4:31 PM
    • Moody's stress-tested the energy portfolios of four of the six largest BDCs - Ares Capital (NASDAQ:ARCC), Apollo Investment (NASDAQ:AINV), FS Investment (NYSE:FSIC), and Prospect Capital (NASDAQ:PSEC).
    • In moderate and severe scenarios, Moody's found lower values for the group's energy investments than what the BDCs are disclosing, suggesting the potential for further write-downs which would cause the companies to breach their asset coverage ratio requirements.
    • Of the four tested, FSIC and AINV have the most exposure to the oil & gas sector, and are thus at greater risk of ACR breach.
    • An observer might wonder whether this is old news. After all, oil has already crashed and then nearly doubled. Where were these tests when oil was $80 and rising?
    • ETFs: BDCL, BDCS, BIZD, FGB, LBDC
    | Tue, May 17, 4:31 PM | 32 Comments
  • Mon, Apr. 25, 12:46 PM
    • With book values in decline, leverage naturally rises, says Fitch, but some in the sector are borrowing to buy back stock, pushing leverage even more.
    • Fitch has had a negative outlook on the sector for two years, and earlier this year downgraded Apollo Investment (NASDAQ:AINV) and Fifth Street Finance (NASDAQ:FSC). This new report raises the concern that more downgrades are in the offing.
    • Along with the price of oil and the broader market, BDCs have enjoyed a sizable rally since mid-February, with at least some of the sector now sitting in the green for the year.
    • ETFs: BDCL, BDCS, BIZD, FGB
    • Now read: Prospect Capital: A Flat Q3 NAV Is All I Am Looking For (April 25)
    | Mon, Apr. 25, 12:46 PM | 14 Comments
  • Thu, Mar. 17, 10:58 AM
    • It's a big session for commodities following the Fed's dovish meeting results yesterday, particularly for oil - up 2.7% today to $41.08 per barrel, and now nicely into the green for the year.
    • Sold hard alongside the crash in energy prices, BDCs are catching a bid today.
    • Prospect Capital (PSEC +3.4%), Ares Capital (ARCC +1.7%), Apollo Investment (AINV +3%), Triangle Capital (TCAP +1.9%), THL Credit (TCRD +3%), OHA Investment (OHAI +2.6%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Thu, Mar. 17, 10:58 AM | 38 Comments
  • Wed, Feb. 10, 9:59 AM
    • Net asset value fell 3.4% in Q4 to $7.56 per share thanks to "dislocation" in the credit markets amid the energy crash.
    • Since the start of the buyback program in August, the company has repurchased 4.5% of the float, though at prices considerably higher than the current level.
    • Citigroup downgrades to Sell from Neutral.
    • AINV's lower by 9% this year and 36% Y/Y. It's off 4.4% today.
    • Previously: Apollo Investment NII in-line, misses on total investment income (Feb. 9)
    | Wed, Feb. 10, 9:59 AM | 9 Comments
  • Tue, Feb. 9, 9:25 AM
    • Q4 net investment income of $48.1M or $0.21 per share vs. $0.24 per share in prior year. Dividend is $0.20.
    • NAV of $7.56 per share slips from $7.83 at end of Q3 due to the dislocation in the credit markets resulting in spread widening, and low oil prices. Last night's closing price was $5.04.
    • Net investment activity after repayments of negative $57M during quarter. $204.6M of investments made, $139.7M of investments sold, $121.9M of investments repaid.
    • Since August, 4.5% of initial shares outstanding have been purchased for a total of $62M, impacting NAV by $0.07 on accretive basis till December.
    • Conference call at 8:30 ET
    • Previously: Apollo Investment NII in-line, misses on total investment income
    • AINV -7.4% premarket
    | Tue, Feb. 9, 9:25 AM
  • Tue, Feb. 9, 6:06 AM
    • Apollo Investment (NASDAQ:AINV): FQ3 NII of $0.21 in-line.
    • Total investment income of $94.33M (-14.3% Y/Y) misses by $0.1M.
    | Tue, Feb. 9, 6:06 AM | 2 Comments
  • Mon, Feb. 8, 5:30 PM
    | Mon, Feb. 8, 5:30 PM | 13 Comments
  • Mon, Jan. 25, 3:16 PM
    • Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
    • Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
    • Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
    • Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
    • BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
    | Mon, Jan. 25, 3:16 PM | 78 Comments
  • Wed, Jan. 20, 11:05 AM
    • The S&P 500 is lower by 3%, oil is nearing a $26 handle, and high-yield is selling off, with HYG -1.4% and JNK -1.3%. Those two ETFs are lower by about 5% YTD and in the area of 15% Y/Y.
    • Leveraged to all the above data, BDC sector losses are eve worse. Prospect Capital (PSEC -3.6%), Fifth Street (FSC -7.4%), Ares Capital (ARCC -5.3%), FS Investment (FSIC -10.8%), Main Street (MAIN -6.4%), Blackrock Capital (BKCC -5.3%), Apollo Investment (AINV -7%), Triangle Capital (TCAP -7.9%), TICC Capital (TICC -3.1%), Pennant Park Investment (PNNT -6.5%), KCAP Financial (KCAP -7.7%), THL Credit (TCRD -8%), TCP Capital (TCPC -7.4%), Gladstone Capital (GLAD -5.6%), WhiteHorse Finance (WHF -9.3%), Garrison Capital (GARS -6.8%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Wed, Jan. 20, 11:05 AM | 51 Comments
  • Dec. 15, 2015, 5:41 PM
    | Dec. 15, 2015, 5:41 PM | 4 Comments
Company Description
Apollo Investment Corp., a business development company, invests in middle market companies with revenues of $50 million - $2 billion located in the US. Sectors of interest include: aviation, building materials, business services, cable television, chemicals, consumer products, direct marketing,... More
Sector: Financial
Industry: Diversified Investments
Country: United States