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

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

Several other equities research analysts have also recently commented on the company. BidaskClub cut PennantPark Floating Rate from a “buy” rating to a “hold” rating in a research note on Monday. Ladenburg Thalmann cut PennantPark Floating Rate from a “buy” rating to a “neutral” rating in a research note on Monday. They noted that the move was a valuation call. Maxim Group reaffirmed a “buy” rating and set a $14.00 target price on shares of PennantPark Floating Rate in a research note on Friday, May 11th. ValuEngine cut PennantPark Floating Rate from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Finally, TheStreet cut PennantPark Floating Rate from a “b” rating to a “c+” rating in a research note on Thursday, March 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $15.00.

Shares of PennantPark Floating Rate opened at $13.50 on Wednesday, according to MarketBeat. PennantPark Floating Rate has a 1 year low of $13.60 and a 1 year high of $13.61. The stock has a market cap of $525.36 million, a PE ratio of 12.78 and a beta of 0.56.

PennantPark Floating Rate (NASDAQ:PFLT) last released its earnings results on Thursday, May 10th. The asset manager reported $0.24 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.02). PennantPark Floating Rate had a return on equity of 7.44% and a net margin of 58.02%. The business had revenue of $16.50 million for the quarter, compared to analyst estimates of $15.53 million. research analysts predict that PennantPark Floating Rate will post 0.73 EPS for the current fiscal year.

In other PennantPark Floating Rate news, Director Samuel L. Katz bought 17,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was acquired at an average price of $12.64 per share, with a total value of $214,880.00. Following the completion of the purchase, the director now directly owns 136,800 shares of the company’s stock, valued at approximately $1,729,152. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in PFLT. Ares Management LLC grew its stake in PennantPark Floating Rate by 120.7% in the fourth quarter. Ares Management LLC now owns 530,236 shares of the asset manager’s stock valued at $7,275,000 after acquiring an additional 290,000 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in PennantPark Floating Rate by 64.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 432,323 shares of the asset manager’s stock valued at $5,931,000 after acquiring an additional 169,727 shares during the period. Pacific Ridge Capital Partners LLC grew its stake in PennantPark Floating Rate by 71.6% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 383,503 shares of the asset manager’s stock valued at $5,262,000 after acquiring an additional 160,050 shares during the period. Corbyn Investment Management Inc. MD grew its stake in PennantPark Floating Rate by 196.4% in the first quarter. Corbyn Investment Management Inc. MD now owns 232,495 shares of the asset manager’s stock valued at $3,043,000 after acquiring an additional 154,058 shares during the period. Finally, Pin Oak Investment Advisors Inc. acquired a new stake in PennantPark Floating Rate in the fourth quarter valued at approximately $1,545,000. 32.83% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate 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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