PennantPark Floating Rate Capital (NASDAQ:PFLT) Rating Lowered to Sell at StockNews.com

PennantPark Floating Rate Capital (NASDAQ:PFLT) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Wednesday.

Separately, Raymond James began coverage on shares of PennantPark Floating Rate Capital in a report on Friday, December 20th. They issued a “market perform” rating on the stock.

PennantPark Floating Rate Capital Stock Down 0.1 %

PFLT traded down $0.02 during midday trading on Wednesday, reaching $11.10. The company’s stock had a trading volume of 1,958,348 shares, compared to its average volume of 911,265. The firm has a market capitalization of $975.87 million, a price-to-earnings ratio of 7.93 and a beta of 1.67. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital has a 1 year low of $10.28 and a 1 year high of $12.02. The stock’s 50-day moving average is $11.14 and its 200-day moving average is $11.22.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC lifted its position in PennantPark Floating Rate Capital by 12.0% during the fourth quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock valued at $36,288,000 after purchasing an additional 356,781 shares during the period. JPMorgan Chase & Co. raised its position in PennantPark Floating Rate Capital by 72.6% in the third quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock worth $2,913,000 after acquiring an additional 105,855 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in PennantPark Floating Rate Capital in the fourth quarter worth approximately $131,000. Blue Trust Inc. bought a new position in PennantPark Floating Rate Capital in the fourth quarter worth approximately $136,000. Finally, Van ECK Associates Corp raised its position in PennantPark Floating Rate Capital by 10.4% in the fourth quarter. Van ECK Associates Corp now owns 1,985,730 shares of the asset manager’s stock worth $21,704,000 after acquiring an additional 187,465 shares during the period. Institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.