Zacks Investment Research Downgrades Pennantpark Floating Rate Capital (PFLT) to Sell

Pennantpark Floating Rate Capital (NASDAQ:PFLT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

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. “

PFLT has been the topic of a number of other reports. BidaskClub downgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Saturday, December 30th. Maxim Group reiterated a “buy” rating and set a $14.75 price target on shares of Pennantpark Floating Rate Capital in a research note on Friday, December 1st. ValuEngine upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Keefe, Bruyette & Woods set a $15.00 price target on shares of Pennantpark Floating Rate Capital and gave the stock a “buy” rating in a research note on Friday, February 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $14.95.

Pennantpark Floating Rate Capital (PFLT) opened at $12.85 on Wednesday. The company has a market cap of $483.10, a price-to-earnings ratio of 13.97 and a beta of 0.54. Pennantpark Floating Rate Capital has a 52-week low of $12.00 and a 52-week high of $14.65.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Thursday, February 8th. The asset manager reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.26 by ($0.01). The company had revenue of $14.84 million during the quarter, compared to analysts’ expectations of $15.29 million. Pennantpark Floating Rate Capital had a net margin of 47.64% and a return on equity of 7.49%. The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period last year, the business earned $0.28 earnings per share. analysts predict that Pennantpark Floating Rate Capital will post 1.07 EPS for the current year.

In related news, insider Arthur H. Penn acquired 10,000 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average price of $12.57 per share, for a total transaction of $125,700.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Muzinich & Co. Inc. lifted its stake in shares of Pennantpark Floating Rate Capital by 4.7% in the second quarter. Muzinich & Co. Inc. now owns 1,134,286 shares of the asset manager’s stock valued at $16,005,000 after purchasing an additional 50,565 shares during the period. Punch & Associates Investment Management Inc. increased its holdings in Pennantpark Floating Rate Capital by 1.0% during the 3rd quarter. Punch & Associates Investment Management Inc. now owns 926,552 shares of the asset manager’s stock valued at $12,258,000 after acquiring an additional 9,169 shares in the last quarter. UBS Group AG increased its holdings in Pennantpark Floating Rate Capital by 50.3% during the 1st quarter. UBS Group AG now owns 806,964 shares of the asset manager’s stock valued at $11,249,000 after acquiring an additional 270,153 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Pennantpark Floating Rate Capital by 4.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 731,265 shares of the asset manager’s stock valued at $9,675,000 after acquiring an additional 28,184 shares in the last quarter. Finally, LGT Capital Partners LTD. increased its holdings in Pennantpark Floating Rate Capital by 3.8% during the 2nd quarter. LGT Capital Partners LTD. now owns 602,271 shares of the asset manager’s stock valued at $8,498,000 after acquiring an additional 22,271 shares in the last quarter. Hedge funds and other institutional investors own 27.00% of the company’s stock.

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Pennantpark Floating Rate Capital Company Profile

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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