PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday.

According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “

Other analysts also recently issued research reports about the company. Maxim Group restated a “buy” rating and issued a $14.75 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 9th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $15.50 target price on shares of PennantPark Floating Rate Capital in a research report on Thursday, August 31st. Finally, BidaskClub upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. PennantPark Floating Rate Capital has a consensus rating of “Buy” and an average price target of $15.00.

PennantPark Floating Rate Capital (NASDAQ PFLT) opened at 14.22 on Friday. PennantPark Floating Rate Capital has a 1-year low of $12.21 and a 1-year high of $14.45. The stock has a 50 day moving average price of $14.21 and a 200 day moving average price of $14.00.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Tuesday, August 8th. The asset manager reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.03. The firm had revenue of $15.19 million during the quarter, compared to the consensus estimate of $15.17 million. PennantPark Floating Rate Capital had a return on equity of 7.26% and a net margin of 73.28%. On average, equities research analysts predict that PennantPark Floating Rate Capital will post $1.16 earnings per share for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in PFLT. LGT Capital Partners bought a new stake in PennantPark Floating Rate Capital in the fourth quarter valued at approximately $5,569,000. Muzinich & Company lifted its position in PennantPark Floating Rate Capital by 3.0% in the fourth quarter. Muzinich & Company now owns 142,193 shares of the asset manager’s stock valued at $1,600,000 after purchasing an additional 4,137 shares during the last quarter. Pacific Ridge Capital Partners LLC lifted its position in PennantPark Floating Rate Capital by 4.5% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 174,593 shares of the asset manager’s stock valued at $1,964,000 after purchasing an additional 7,478 shares during the last quarter. Punch & Associates Investment Management Inc. lifted its position in PennantPark Floating Rate Capital by 26.3% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 657,562 shares of the asset manager’s stock valued at $7,398,000 after purchasing an additional 136,770 shares during the last quarter. Finally, Morgan Stanley lifted its position in PennantPark Floating Rate Capital by 38.9% in the fourth quarter. Morgan Stanley now owns 600,104 shares of the asset manager’s stock valued at $6,752,000 after purchasing an additional 168,041 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

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Analyst Recommendations for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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