PennantPark Floating Rate Capital (NASDAQ:PFLT) Downgraded by StockNews.com to Sell

PennantPark Floating Rate Capital (NASDAQ:PFLT) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

A number of other brokerages have also commented on PFLT. UBS Group lowered their price target on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, April 17th. Keefe, Bruyette & Woods lowered their price target on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.38.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT opened at $9.43 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. PennantPark Floating Rate Capital has a 1 year low of $8.82 and a 1 year high of $12.02. The firm has a fifty day moving average of $10.73 and a 200-day moving average of $11.01. The company has a market cap of $829.43 million, a price-to-earnings ratio of 6.74 and a beta of 1.30.

Institutional Trading of PennantPark Floating Rate Capital

Several large investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC raised 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 buying an additional 356,781 shares during the period. JPMorgan Chase & Co. grew its stake in PennantPark Floating Rate Capital by 72.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock valued at $2,913,000 after acquiring an additional 105,855 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth approximately $283,000. LPL Financial LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 20.4% during the fourth quarter. LPL Financial LLC now owns 432,287 shares of the asset manager’s stock worth $4,725,000 after purchasing an additional 73,365 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in PennantPark Floating Rate Capital during the fourth quarter valued at approximately $131,000. 19.77% of the stock is owned by institutional investors and hedge funds.

About PennantPark Floating Rate Capital

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.