Pennantpark Floating Rate Capital (NASDAQ:PFLT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.
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. “
Other research analysts have also issued reports about the company. BidaskClub lowered Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. JMP Securities reduced their price target on Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a “market outperform” rating on the stock in a research report on Tuesday, August 13th. Finally, TheStreet lowered Pennantpark Floating Rate Capital from a “b-” rating to a “c+” rating in a research report on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Pennantpark Floating Rate Capital has a consensus rating of “Hold” and a consensus price target of $13.50.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). Pennantpark Floating Rate Capital had a return on equity of 8.83% and a net margin of 16.65%. The company had revenue of $22.88 million during the quarter, compared to the consensus estimate of $22.90 million. On average, sell-side analysts predict that Pennantpark Floating Rate Capital will post 1.19 earnings per share for the current year.
In other Pennantpark Floating Rate Capital news, Director Samuel L. Katz bought 25,000 shares of Pennantpark Floating Rate Capital stock in a transaction on Wednesday, September 4th. The shares were purchased at an average cost of $11.42 per share, for a total transaction of $285,500.00. Following the completion of the acquisition, the director now owns 191,800 shares in the company, valued at approximately $2,190,356. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Arthur H. Penn bought 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction on Friday, August 9th. The shares were acquired at an average price of $11.66 per share, for a total transaction of $104,940.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 50,000 shares of company stock worth $575,400. Corporate insiders own 1.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. bought a new position in Pennantpark Floating Rate Capital during the second quarter worth about $71,000. NEXT Financial Group Inc lifted its holdings in Pennantpark Floating Rate Capital by 13.3% during the second quarter. NEXT Financial Group Inc now owns 8,681 shares of the asset manager’s stock worth $101,000 after acquiring an additional 1,018 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Pennantpark Floating Rate Capital in the 2nd quarter valued at about $133,000. First Allied Advisory Services Inc. acquired a new stake in shares of Pennantpark Floating Rate Capital in the 1st quarter valued at about $149,000. Finally, FNY Investment Advisers LLC raised its stake in shares of Pennantpark Floating Rate Capital by 6,903.5% in the 2nd quarter. FNY Investment Advisers LLC now owns 19,890 shares of the asset manager’s stock valued at $229,000 after purchasing an additional 19,606 shares during the period. Hedge funds and other institutional investors own 35.97% 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.
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