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 Saturday, 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. “
Several other research firms have also recently weighed in on PFLT. Maxim Group reissued a “hold” rating on shares of Pennantpark Floating Rate Capital in a report on Thursday. JMP Securities dropped their price target on Pennantpark Floating Rate Capital from $13.00 to $10.50 and set a “market outperform” rating for the company in a report on Wednesday. ValuEngine raised Pennantpark Floating Rate Capital from a “strong sell” rating to a “sell” rating in a report on Thursday. Finally, BidaskClub raised Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $10.58.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Monday, May 11th. The asset manager reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. Pennantpark Floating Rate Capital had a return on equity of 9.01% and a net margin of 17.37%. The company had revenue of $26.33 million during the quarter, compared to the consensus estimate of $24.69 million. Analysts predict that Pennantpark Floating Rate Capital will post 1.12 EPS for the current fiscal year.
In related news, CFO Aviv Efrat acquired 28,800 shares of the company’s stock in a transaction on Friday, March 20th. The stock was purchased at an average cost of $4.36 per share, with a total value of $125,568.00. Following the acquisition, the chief financial officer now directly owns 90,950 shares of the company’s stock, valued at $396,542. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Arthur H. Penn acquired 20,000 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was bought at an average cost of $3.75 per share, with a total value of $75,000.00. The disclosure for this purchase can be found here. Insiders acquired a total of 100,250 shares of company stock valued at $482,061 over the last ninety days. Insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Aigen Investment Management LP acquired a new position in Pennantpark Floating Rate Capital in the 4th quarter valued at $39,000. Total Clarity Wealth Management Inc. bought a new position in shares of Pennantpark Floating Rate Capital in the 4th quarter valued at $39,000. Marshall Wace North America L.P. bought a new position in shares of Pennantpark Floating Rate Capital in the 4th quarter valued at $43,000. Tower Research Capital LLC TRC increased its stake in shares of Pennantpark Floating Rate Capital by 323.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,657 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 2,793 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Pennantpark Floating Rate Capital by 57.0% in the 4th quarter. Bank of America Corp DE now owns 6,558 shares of the asset manager’s stock valued at $80,000 after purchasing an additional 2,380 shares during the last quarter. 36.47% of the stock is owned by hedge funds and other institutional investors.
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.
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