Eagle Point Credit Management LLC and its affiliated entities, Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC, recently sold shares of OFS Credit Company, Inc. (NASDAQ:OCCI) valued at a total of $6,952. The sales were executed over two days, with share prices ranging between $23.33 and $24.24.
On May 16, 2024, transactions were conducted for two different series of preferred stock. The 5.25% Series E Term Preferred Stock due 2026 was sold at $23.33 per share, totaling 30 shares. The same day, 233 shares of the 6.125% Series C Term Preferred Stock due 2026 were sold at a weighted average price of $24.24 per share. The price range for these transactions was noted to be from $24.16 to $24.26, as detailed in the footnotes of the report. The following day, another 25 shares of the 6.125% Series C Term Preferred Stock were sold at $24.20 per share.
The reporting footnotes indicate that the shares are directly held by private investment funds managed by Eagle Point Credit Management LLC. The General Partners of these funds have been identified as Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC. These entities serve as general partners to the applicable funds and may be deemed to have an indirect pecuniary interest in the securities reported. However, they have disclaimed beneficial ownership of the securities described in the report, clarifying that the inclusion of these securities shall not be deemed an admission of beneficial ownership for any purpose.
The reported sales by Eagle Point entities reflect transactions that may interest investors monitoring insider activities and the movement of large blocks of shares. The transactions were signed off by Kenneth P. Onorio, Chief Financial Officer of the respective Eagle Point entities.
InvestingPro Insights
Amid the recent transactions by Eagle Point Credit Management LLC, OFS Credit Company, Inc. (NASDAQ:OCCI) presents an interesting profile for investors keeping an eye on insider activities. According to InvestingPro data, OCCI has a market capitalization of $118.5 million, and a Price to Earnings (P/E) ratio of 16.31, which may offer a snapshot into the company's valuation relative to its earnings.
The company's revenue for the last twelve months as of Q1 2024 stood at $31.94 million, showcasing a robust year-over-year growth of 15.8%. This growth is further emphasized by a quarterly revenue growth of 17.32% in Q1 2024. These figures highlight OCCI's positive momentum in terms of revenue generation.
Investors might also be attracted by the company's dividend yield, which is notably high at 16.96%. This is in line with one of the InvestingPro Tips indicating that OCCI pays a significant dividend to shareholders. Furthermore, the company's liquid assets surpass its short-term obligations, providing a degree of financial stability and flexibility.
For investors seeking more in-depth analysis, additional InvestingPro Tips reveal that OCCI has been profitable over the last twelve months and has seen a large price uptick over the last six months, with a six-month price total return of 34.58%. However, the valuation implies a poor free cash flow yield, which is a factor to consider in the context of the company's overall financial health.
To explore these insights further and uncover additional tips, investors can visit InvestingPro at: https://www.investing.com/pro/OCCI. There are a total of 5 InvestingPro Tips available for OCCI, offering a more comprehensive understanding of the company's financial standing.
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