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 research report issued to clients and 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. “

PFLT has been the topic of several other research reports. Keefe, Bruyette & Woods restated a “buy” rating and set a $15.50 target price on shares of PennantPark Floating Rate Capital in a report on Thursday, August 31st. BidaskClub upgraded shares of 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 target price on shares of PennantPark Floating Rate Capital in a report on Friday, December 1st. Finally, ValuEngine upgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $15.08.

Shares of PennantPark Floating Rate Capital (NASDAQ PFLT) traded up $0.03 on Tuesday, hitting $13.89. 144,000 shares of the company’s stock were exchanged, compared to its average volume of 218,328. The firm has a market cap of $533.33, a price-to-earnings ratio of 12.60 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 posted its 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 business had revenue of $18.45 million for the quarter, compared to analyst estimates of $19.40 million. PennantPark Floating Rate Capital had a net margin of 61.05% and a return on equity of 7.66%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.31 EPS. analysts predict that PennantPark Floating Rate Capital will post 1.08 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of PFLT. First Allied Advisory Services Inc. increased its stake in PennantPark Floating Rate Capital by 1.6% during the 2nd quarter. First Allied Advisory Services Inc. now owns 19,160 shares of the asset manager’s stock worth $269,000 after buying an additional 299 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in PennantPark Floating Rate Capital by 1.9% during the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 20,226 shares of the asset manager’s stock worth $285,000 after buying an additional 373 shares during the period. Greenwich Investment Management Inc. increased its stake in PennantPark Floating Rate Capital by 0.4% during the 2nd quarter. Greenwich Investment Management Inc. now owns 166,341 shares of the asset manager’s stock worth $2,347,000 after buying an additional 662 shares during the period. California Public Employees Retirement System increased its stake in PennantPark Floating Rate Capital by 9.4% during the 2nd quarter. California Public Employees Retirement System now owns 25,600 shares of the asset manager’s stock worth $361,000 after buying an additional 2,200 shares during the period. Finally, Texas Yale Capital Corp. increased its stake in PennantPark Floating Rate Capital by 3.1% during the 2nd quarter. Texas Yale Capital Corp. now owns 75,744 shares of the asset manager’s stock worth $1,069,000 after buying an additional 2,250 shares during the period. Institutional investors and hedge funds 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.

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

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