PennantPark Floating Rate Capital (NASDAQ:PFLT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday.

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. “

Several other analysts have also recently weighed in on the company. Keefe, Bruyette & Woods set a $16.00 price target on PennantPark Floating Rate Capital and gave the stock a “buy” rating in a report on Thursday, October 5th. BidaskClub upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Maxim Group restated a “buy” rating and set a $14.75 price target on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 9th. Finally, ValuEngine upgraded PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $15.08.

PennantPark Floating Rate Capital (NASDAQ:PFLT) opened at $13.83 on Tuesday. The company has a market capitalization of $532.56, a PE ratio of 12.58 and a beta of 0.59. PennantPark Floating Rate Capital has a 52 week low of $13.24 and a 52 week high of $14.65.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Thursday, November 30th. The asset manager reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02). The firm had revenue of $18.45 million for the quarter, compared to the consensus estimate of $19.40 million. PennantPark Floating Rate Capital had a return on equity of 7.66% and a net margin of 61.05%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. equities research analysts anticipate that PennantPark Floating Rate Capital will post 1.13 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. First Allied Advisory Services Inc. boosted its holdings in PennantPark Floating Rate Capital by 1.6% in the second quarter. First Allied Advisory Services Inc. now owns 19,160 shares of the asset manager’s stock valued at $269,000 after acquiring an additional 299 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings in PennantPark Floating Rate Capital by 1.9% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 20,226 shares of the asset manager’s stock valued at $285,000 after acquiring an additional 373 shares during the last quarter. Greenwich Investment Management Inc. boosted its holdings in PennantPark Floating Rate Capital by 0.4% in the second quarter. Greenwich Investment Management Inc. now owns 166,341 shares of the asset manager’s stock valued at $2,347,000 after acquiring an additional 662 shares during the last quarter. California Public Employees Retirement System boosted its holdings in PennantPark Floating Rate Capital by 9.4% in the second quarter. California Public Employees Retirement System now owns 25,600 shares of the asset manager’s stock valued at $361,000 after acquiring an additional 2,200 shares during the last quarter. Finally, Texas Yale Capital Corp. boosted its holdings in PennantPark Floating Rate Capital by 3.1% in the second quarter. Texas Yale Capital Corp. now owns 75,744 shares of the asset manager’s stock valued at $1,069,000 after acquiring an additional 2,250 shares during the last quarter. Institutional investors own 30.70% of the company’s stock.

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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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