PennantPark Floating Rate Capital (PFLT) Stock Rating Lowered by Zacks Investment Research

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

A number of other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods set a $16.00 price objective on PennantPark Floating Rate Capital and gave the company 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 reiterated a “buy” rating and issued a $14.75 target price 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock 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. PennantPark Floating Rate Capital has a 1-year low of $13.24 and a 1-year high of $14.65. The stock has a market capitalization of $532.18, a price-to-earnings ratio of 12.58 and a beta of 0.59.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Thursday, November 30th. The asset manager reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). PennantPark Floating Rate Capital had a net margin of 61.05% and a return on equity of 7.66%. The business had revenue of $18.45 million for the quarter, compared to analysts’ expectations of $19.40 million. During the same quarter in the previous year, the firm earned $0.31 EPS. PennantPark Floating Rate Capital’s revenue was up 19.8% compared to the same quarter last year. analysts forecast that PennantPark Floating Rate Capital will post 1.13 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. acquired a new position in shares of PennantPark Floating Rate Capital in the third quarter valued at about $147,000. CIBC World Markets Inc. acquired a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at about $202,000. GSA Capital Partners LLP acquired a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at about $207,000. Sigma Planning Corp acquired a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at about $215,000. Finally, First Allied Advisory Services Inc. increased its holdings in shares of 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 purchasing an additional 299 shares during the period. 30.70% of the stock is currently owned by institutional investors.

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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.

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

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